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FADC prepares for another case

The Financial Advisers Disciplinary Committee is readying to hear another case.

Tuesday, May 15th 2018, 6:00AM

by Susan Edmunds

It has scheduled a hearing on July 17.

But the committee registrar said no further details could be made available.

"Under the FADC Rules, we are required to hold a preliminary conference before the hearing. No details will be published prior to that conference."

While the FADC has had a light workload so far, it will continue to operate once the Financial Services Legislation Amendment Bill comes into force, imposing more regulator requirements on a wider population of advisers.

The committee was established in 2010 to conduct disciplinary proceedings arising from complaints about AFAs, referred by the Financial Markets Authority.

It can make determinations and impose penalties ranging from recommending an AFA's authorisation be cancelled to a fine of up to $10,000.

Since 2010, it has only made 10 determinations, including four to two advisers. Three determinations were about advisers whose identities were suppressed. David Ross, Stephen Musaphia, Rodney Bourke-Shaw and Graham Beecroft have all been dealt with by the committee.

Ross's case was adjourned, pending his criminal charges.

 

Tags: FADC

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
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Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
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Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
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TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
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Westpac 8.64 7.89 7.49 7.25
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Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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