tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, July 2nd, 1:15PM

News

rss
Latest Headlines

No fine for QROPS adviser who breached code

A financial adviser has been censured and ordered to operate under supervision for at least six months after being found to have breached the code of conduct.

Wednesday, August 23rd 2017, 3:36PM

by Susan Edmunds

The initial decision on the QROPS adviser’s case was released in June.

The adviser admitted breaching code standard 12, and keeping inadequate records. After the Financial Advisers Disciplinary Committee (FADC) hearing, it determined that he had also breached code standard six, which covers behaving professionally.

The FMA’s other claims, including that he was not competent to provide the service he was offering, were rejected by the FADC.

Now the committee has released its penalty decision, which said the established code standard breaches were at the lower end of the scale, though significant.

“They certainly cannot be dismissed as inconsequential but neither are they breaches of dishonesty or impropriety."

It noted that no client had complained and there was no evidence of loss to the clients whose files were the focus of the investigation. It said a costs award against the respondent would not be appropriate.

The FMA had asked for a monetary penalty but that was rejected – the regulator had suggested the FADC had set a tariff of $1000 per code standard breach.

The FADC said the adviser had been effectively suspended from operating as an AFA pending the outcome of the case and that had affected his income.

“From the testimonial we received... it appears the respondent has found the process of audit, complaint and the proceedings before this committee bruising to say the least. We have little doubt that he will undertake the ordered supervision plan genuinely hoping to learn from the challenging process he has experienced.”

Instead he will operate under an FMA supervision plan. The initial period of supervision is six months, but that can be extended provided the overall period does not exceed three years.

During that time it will be assessed and evaluated whether the adviser has improved his professional conduct to a standard that met relevant code standards.

He will pay the cost of the supervision.

READ MORE: QROPS adviser breached code: FADC

Tags: AFA conduct FADC financial advisers FMA QROPS regulation

« Industry demands details LVR restrictions to be reviewed »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • OBITUARY: Controversial adviser dies at 80
    “I knew Roger from back in our IAFP days, Roger as head of his company (a competitor to my own) and as a friend. Even after...”
    2 days ago by Winka
  • Conduct laws finally real
    “The draft FSLAA legislation was developed in the final months of the last National Government. CoFI was a natural extension...”
    2 days ago by dcwhyte
  • New Code Committee members finally revealed
    “About as much relevance as having Gordon Ramsay on the Code Committee....”
    2 days ago by Eyeinthesky
  • Conduct laws finally real
    “John just interested as to when National bankrupted the country, maybe before my time?? ...”
    3 days ago by Barbie
  • Conduct laws finally real
    “I'm not normally a Labour supporter Amused. But let's not forget, as far as I am aware, National are still the only party...”
    3 days ago by John Milner
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.95 4.85 5.35 5.65
ANZ 5.94 5.95 6.40 6.59
ANZ Blueprint to Build - - - -
ANZ Special - 5.35 5.80 5.99
ASB Bank 5.85 5.35 5.80 5.99
Avanti Finance 5.95 - - -
Basecorp Finance 6.95 - - -
Bluestone 5.89 7.49 8.09 8.19
BNZ - Classic - 5.35 5.69 5.99
BNZ - Mortgage One 5.94 - - -
BNZ - Rapid Repay 5.94 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.94 5.95 6.29 6.59
BNZ - TotalMoney 5.94 - - -
CFML Loans 6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Co-operative Bank - First Home Special - 4.75 - -
Co-operative Bank - Owner Occ 5.85 4.85 5.35 5.65
Co-operative Bank - Standard 5.85 5.35 5.85 6.15
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 ▲5.35 ▲5.85 -
Heartland Bank - Online 4.10 ▲4.90 ▲5.29 ▲5.59
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.10 ▲5.35 ▲5.80 -
HSBC Premier 5.89 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.25 4.39 5.09 5.45
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 5.50 ▲6.19 ▲6.69 ▲6.79
Kiwibank - Offset 5.50 - - -
Kiwibank Special 5.00 ▲5.19 ▲5.69 ▲5.89
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 5.55 6.15 -
Pepper Money 4.49 - - -
Resimac 6.19 5.60 6.16 6.29
SBS Bank 5.79 ▲5.65 ▲6.09 ▲6.19
SBS Bank Special - ▲5.15 ▲5.59 ▲5.69
Select Home Loans 4.09 4.29 4.86 5.09
TSB Bank ▲6.30 ▲5.65 5.79 ▲6.45
TSB Special ▲5.50 ▲4.85 4.99 ▲5.65
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 5.74 4.95 5.75 -
Westpac 5.94 5.95 6.29 6.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.94 - - -
Westpac Special - 5.35 5.69 5.99
Median 5.87 5.35 5.77 5.99

Last updated: 1 July 2022 9:33am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com