ABSTRACT

Under the IIA, it is an offence for an unauthorised person to act as an investment business firm or to claim or to hold themselves out to be an investment business firm. An investment business firm includes any person who provides one or more investment business services or investment advice to third parties on a professional basis. The categories of investment business services set out in the IIA include:

(a) receiving and transmitting, on behalf of investors (this now includes policy holders) orders in relation to one or more investment instruments – this now includes insurance proposals; and

(b) executing orders in relation to one or more investment instruments (other than for own account) including insurance policies.