Dodgy financial adviser in more trouble with FMA
The Financial Markets Authority (FMA) has made an interim stop order on a financial adviser who had his transitional FAP licence cancelled last year.
Tuesday, August 16th 2022, 11:51AM 
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The order was made against Wisdom House Investment Partners Limited and Yuen Pok (Paul) Loo, who was previously engaged in serious misconduct at his previous employer, Foxplan.
The FMA says making this interim stop order is necessary "to prevent Wisdom House and Mr Loo causing harm, arising from what appears to be dishonest and misleading activities."
Under the order Loo is prohibited from, distributing any restricted communication that relates to the supply of a financial advice service to any person, supplying a financial advice service to any person, and supplying the financial service of keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons.
Previously, the FMA cancelled the transitional financial advice provider (FAP) licence of Wisdom House in December 2021 after Loo had engaged in serious misconduct at Foxplan.
The FMA’s investigations continue while it considers whether a permanent stop order is warranted.
It says that it appears that Loo held himself out as a financial adviser to clients or potential clients of Wisdom House in an email when he is not permitted to do so.
"The email also contained statements that directly or indirectly refer to the supply, or possible supply, of a financial advice service and are reasonably likely to induce persons to request the supply of a financial advice service. Attached to the email was a letter purporting to be from the FMA confirming that the FMA has granted Wisdom House a FAP licence."
"The email to clients and the FMA letter (which appears to be a forgery) are false or misleading, or likely to mislead or confuse, and contain a material misdescription or material error. The materials are a “restricted communication” relating to the supply, or possible supply, of financial services (namely a financial advice service)."
The FMA continues to investigate these matters.
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