The FADC was set up as part of the regulation of financial advisers and hears complaints against advisers who have allegedly breached the professional code of conduct. The cases it hears are referred to it by the Financial Markets Authority.
It has a range of powers including ability to fine advisers or de-register them.
One of the cases today is against alleged Ponzi-scheme operation David Ross. The other defendant is Stephen Musaphia.
Ross is one of two authorised financial advisers who have already had their AFA status removed.
Ross also faces other charges in the courts. There he has not yet entered a plea to SFO charges of theft by a person in a special relationship, and false accounting, or to three FMA charges. It is understood his FADC hearing maybe postponed until the court case.
He is next due to appear in the Wellington District Court later this month.
The two cases today will be heard before FADC chairman and retired judge Sir Bruce Robertson, former Auditor General and Deloitte partner David Macdonald and Tracey Berry who is the General Manager Canterbury Growth for Kiwibank.
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