Adviser appears before FADC on record keeping charges

In 2019, the Financial Markets Authority audited services provided in 2017 and 2018 by the adviser, whose details, along with her clients, are suppressed.

Counsel for the FMA, Simon Chapman, alleged the adviser did not comprehend she was providing personalised advice in relation to four clients, therefore had not kept proper records.

Barrister Lisa Hansen, for the adviser, explained that three clients didn't meet the threshold for personalised service therefore had been provided a different level of advice.

In the case of the fourth, the FMA had failed to uplift the correct papers demonstrating the client’s status, Hansen said.