Financial adviser censured for code breaches

Media Advisory

10 March 2021

The Financial Advisers Disciplinary Committee (FADC) has censured an Authorised Financial Adviser (AFA) following a case brought by the FMA. The case related to alleged breaches of the Code of Professional Conduct for Authorised Financial Advisers. The FADC found the AFA breached standards 12 and 15 of the Code, which respectively pertain to keeping information about personalised services for retail clients, and the requirement to have an adequate knowledge of Code, Act, and laws. The FADC granted permanent name suppression to the AFA.

The decisions can be viewed at the FADC website: decision on breaches and decision on penalty.

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