What are the two types of Retail Investment Intermediary?
1. Multi-Agency Intermediaries (‘MAI’):
An entity that provides the services of a Restricted Activity Investment Product Intermediary, as defined in Section 26 of the IIA, is designated as a Multi-Agency Intermediary.
A Multi-Agency Intermediary may be authorised to:
- receive and transmit orders in investment instruments and transmit those orders to product producers from whom it holds an appointment in writing, and
- provide advice on the investment instruments available from each product producer from whom it holds an appointment in writing.
A MAI may only receive and transmit orders, and provide advice, in relation to the investment instruments set out in Section 26 of the IIA.
A MAI may also act as a deposit agent or deposit broker.
2. Authorised Advisor (‘AA’)
An Authorised Advisor is authorised to:
- provide broad based investment advice on the most suitable product to clients whether or not an appointment in writing is held from a product producer
- receive orders in investment instruments and transmit those orders to product producers from whom it holds an appointment in writing
An Authorised Advisor may only receive and transmit orders, and provide advice, in relation to the investment instruments set out in Section 26 of the IIA. An Authorised Advisor may also act as a deposit agent or deposit broker.
Do I need any qualifications to become a retail investment intermediary?
The qualifications and/or experience required depends on the retail financial products you intend to provide to consumers. Full details can be found in the 
Minimum Competency Requirements.