by Susan Edmunds
Concerns were raised over a new Mortgage Express adviser, Fay Cheng, who claimed in her website bio: “I offer my clients, not only expert mortgage advice, but sound financial planning and an all-round, in-depth understanding of their financial situation.”
But she is a registered but not authorised adviser.
An FMA spokeswoman said: “Financial advisers must only offer the services they are either registered or authorised to provide under the Financial Advisers Act. Where someone is offering a personalised investment planning service to retail clients then they must be an authorised financial adviser and be authorised by the FMA. Under the Financial Advisers Act, financial advisers must not advertise services in a way that is misleading, deceptive or confusing. We address issues like this as they arise as part of our supervision of financial advisers.”
She said it was not something that came up often.
Mortgage Express said it had changed the statement.
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