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Last Article Uploaded: Tuesday, June 25th, 1:42AM
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Fine for misusing FSPR

Morgan DeVere Corporate Finance has been fined $40,000 for breaching the Financial Services Providers Register's rules.

Thursday, June 6th 2019, 3:49PM

It follows the company's conviction at the Wellington District Court on two charges of breaching the Financial Services Providers (Registration and Dispute Resolution) Act 2008.

Morgan DeVere continued to claim it was registered on the Financial Services Providers Register (FSPR) after it had been deregistered and despite subsequent warnings from the Financial Markets Authority (FMA) and the Registrar of the FSPR.

Section 12 of the FSP Act states that no person, including a corporation, can hold out that it is registered under the FSP Act unless it is registered on the FSPR and a member of an approved dispute resolution scheme.

The New Zealand-based director of the company, former Wellington real estate agent Rene Moorby, pleaded guilty and was sentenced to 75 hours of community service in April 2019 for his part in the offending.

UK-based deVere Group, which describes itself as one of the world’s largest independent financial consultancies, opened an office on Auckland's North Shore with two AFAs and a general manager in January 2017.

 

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ANZ 5.69 4.39 4.35 4.55
ANZ Special - 3.89 3.85 4.05
ASB Bank 5.70 ▼4.29 ▼4.35 4.55
ASB Bank Special - ▼3.89 ▼3.85 4.05
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BNZ - TotalMoney 5.80 - - -
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Credit Union Baywide 6.15 4.95 4.95 -
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Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
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Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
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ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 ▲4.64 4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 ▲3.89 4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.89 3.99 3.99
Sovereign 5.80 ▼4.29 ▼4.35 4.55
Sovereign Special - ▼3.89 ▼3.85 4.05
The Co-operative Bank - Owner Occ 5.65 ▼3.89 ▼3.95 4.05
The Co-operative Bank - Standard 5.65 ▼4.39 ▼4.45 4.55
TSB Bank 5.69 4.45 4.49 4.55
TSB Special - 3.95 3.99 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
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Median 5.80 4.39 4.35 4.19

Last updated: 24 June 2019 8:57am

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