New South Wales Consolidated Regulations
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PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 6
Provision of financial and investment advice
6 Provision of financial and investment advice
(1) This clause applies to financial or investment advice that-- (a) is
intended to influence the person to whom the advice is given in making a
decision in relation to a particular financial or investment decision in
connection with the sale or purchase of land, or
(b) could reasonably be
regarded as being intended to have such an influence.
(2) A real estate agent
who provides financial or investment advice to which this clause applies to a
person in connection with the sale or purchase of land must provide the
following warnings and information to the person for the purposes of
section 46 of the Act-- (a) a warning that the advice is general advice and
that its preparation has not taken into account the individual circumstances
of the person or the person's objectives, financial situation or needs,
(b)
in the case of advice provided in connection with the purchase of land--a
warning that an intending purchaser should assess the suitability of any
investment in the property in light of the purchaser's own needs and
circumstances, which the purchaser can do personally or by consulting an
appropriately licensed financial adviser,
(c) information that discloses the
existence and nature of any conflict of interest the agent may have in
connection with the provision of the advice (for example, entitlement to
commission or referral fees).
Note : Section 46 of the Act provides that a
real estate agent who fails to comply with a requirement to provide
information or warning specified in the regulations is guilty of an offence.
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