QROPS adviser breached code: FADC
In a decision released today, the Financial Advisers Disciplinary Committee said the unnamed financial adviser was an AFA whose work focused on pension transfers from the UK.
The FMA's complaint related to four client files, for people who had engaged him to provide services related to moving their money to New Zealand.
The UK pension transfers had a "UK end" and a "New Zealand end" the FMA said, and the adviser's code obligations applied at each. But the adviser argued the UK end did not fall within his scope of service. The FADC backed him on that point.
The FMA claimed the adviser's primary and secondary disclosure documents, scope of engagement and statement of advice were inconsistent and unclear in recording what he was to do, were not always provided in a timely way, or at all, failed to show an analysis of whether the clients should transfer their pensions to New Zealand, and contained advice in relation to the New Zealand end of the transfer that was the same for each client.
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