Fiji Island Financial Monetary Authority
The FFMA ensures that the public can safely turn to Financial Advisers by creating rules and regulations and a registry. We want you to be able to turn to an adviser that you can trust to get the information that you need, because the field of finance can be a confusing place.
In order to simplify this process, we have developed rules and regulations that the adviser must follow and that the consumer must know.According to FFMA regulation an adviser may either charge a flat rate or a commission of up to 10%. This means if you invest 100,000 USD, your adviser can receive up to $10,000 commission. We have capped commissions at 10% to protect investors and ensure fair play.
An adviser has the right to decide how the fee will be paid either in installments or as a lump sum. This ensures that the client knows exactly how much they will pay for an advisory service upfront and that the fee will not be subjected to the total earned amount.
It is the obligation of the adviser to present all options that are right for your financial circumstances. The adviser has the right to explore and suggests options from across the spectrum and find the right formula for his/her client. Some advisers have a higher level of FFMA certification that allow them to suggest “restricted offers”, these advisers are obligated to inform you of what is permitted in your case.
As the conditions of the market changes constantly, the FFMA obligates all licensed advisers to take a yearly, one day refresher course in order to enhance and increase knowledge. Advisers must renew their licenses every 5 years in order to maintain certification.
