The Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011 have been amended by the Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations 2013 to reclassify the following products as category 2 products under the financial advisers regime:

  • a credit union fixed term deposit product; and
  • a credit union savings account product.

These products differ from the credit union shares already classified as category 2 products under the 2011 regulations (known as the FSCU shares) in so far as, in the case of the credit union fixed term deposit product, the rate of interest payable may alter as a result of a demand being made and, in the case of a credit union savings account product, a fee of up to $50 may be payable as a result of the principal sum not having been held by the credit union for a particular period of time.