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FMA files charges over insurance policies

The Financial Markets Authority has filed charges against Garry Patterson.

Friday, March 17th 2017, 11:01AM 1 Comment

It says Patterson was, or was holding out to be, in the business of providing financial services, in breach of the FSP Act.

The charges relate to various insurance policies between July 1, 2013, and May 28, 2015. Patterson is not currently registered on the FSPR.

Nick Kynoch, FMA, general counsel, said, “To be in the business of providing financial services, individuals must be registered and - in some instances - belong to an approved dispute resolution scheme under the FSP Act and the Financial Advisers Act 2008.

“These are legal requirements, they are not optional. The FMA has a range of tools available to deal with compliance issues. In this case, we decided it was appropriate to bring charges.”

The FMA also filed charges alleging obstruction(s) to its information gathering powers under the Financial Markets Authority Act 2011.

These charges relate to the FMA’s investigation into Patterson’s conduct.

 

 

Tags: FMA

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Comments from our readers

On 18 March 2017 at 12:04 pm Referee said:
Does this mean an insurer, or a 3rd Party, s also charged for failing to do Due Diligence (in consumer's best interest) on someone who has previously transgressed and is accepting new business for them?

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