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Financial advisers censured

27 September 2018

The Financial Advisers Disciplinary Committee has released two recent decisions in which two Authorised Financial Advisers were censured for breaches of the Code of Professional Conduct for Authorised Financial Advisers.

In Financial Markets Authority v A [2018] FADC 007, the adviser admitted breaches of Code standards 6 and 12. The Committee decided that the conduct was at the lower end of the scale of concern, with no question of dishonesty.

The Agreed Summary of Facts says that four clients were involved. The adviser, A,  has been registered as an AFA to provide Financial Adviser Services from March 2011. A provides services through a Registered Financial Services Provider (RFSP), which provides the following services: Wholesale and/or generic financial adviser services, and Employer or principal of a financial adviser and/or Qualifying Financial Entity.

In Financial Markets Authority v B [2018] FADC 008, the adviser admitted breaches of Code standards 8 and 12. The Committee said the conduct was at the lower end of the scale of concern, with no question of dishonesty.

The Agreed Summary of Facts says B has been registered as an AFA to provide Financial Adviser Service, from 11 February 2011. B provides their services through a Registered Financial Services Provider (RFSP), which provides the following services: Employer or principal of a financial adviser and/or Qualifying Financial Entity.

Last updated on the 16th September 2019