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Craigs fined

Tuesday, June 2nd 2015, 2:32PM 3 Comments

Craigs Investment Partners has been fined $30,000 and censured by the NZ Markets Disciplinary Tribunal for not recording retail client orders correctly in the NZX trading system for two years.

The tribunal released a statement saying a settlement had been reached.

The breach was of rule 15.5, which requires all orders to be entered into NZX's system with a CSN. 

Craigs accepted it had breached the rules, but no clients had been adversely affected.

Tags: NZX

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Comments from our readers

On 2 June 2015 at 7:00 pm gavin austin adviser business compliance said:
Surprise - surprise. These guys have been getting away with a poor attitude to compliance for years. You just have to look at any of their AFAs disclosure documents on their website.

They still refer the the Securities Markets Act ( now repealed) and in no way are they complaint with the Disclosure regulations despite this being pointed out to their compliance manager on at least two occasions.

Maybe it's about time FMA took another look at them from a full compliance viewpoint. As long as these basics keep being ignored there will be some who will continue to thumb their noses at regulations.
On 3 June 2015 at 11:15 am Brent Sheather said:
“They still refer to the Securities Markets Act” – big deal, no one died. I would have thought the FMA had better things to do than waste their time worrying about someone referring to the wrong Act. As the FMA has said they are interested in outcomes and whilst they are not perfect I would rather my mother deal with Craigs over many other intermediaries. In fact my experience is that those advisers who have well-resourced compliance departments frequently provide the worst outcomes for investors and that’s the reason they are so big on compliance.

Regards
Brent Sheather
On 3 June 2015 at 12:32 pm NoNoCents said:
A $30k fine wow I bet that hurt.

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