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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