New Zealand Law Society - FMA secures enforceable undertaking from Stephen Duff

FMA secures enforceable undertaking from Stephen Duff

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The Financial Markets Authority (FMA) says on 11 April 2016, Stephen Duff (also known as Nick Duff) offered, and the FMA accepted, an Enforceable Undertaking pursuant to section 46 of the Financial Markets Authority Act 2011.

It says the Undertaking provides that for the next five years Mr Duff will not provide financial advice, otherwise deal with client investments, receive client money on behalf of clients or third parties, and/or served as a director (or carry out a management role) of any company involved in the provision of financial services or investment products.

The Undertaking results from the FMA's concerns regarding Mr Duff's potential breaches of the Financial Advisers Act 2008 and the Financial Services Provider (Registration and Dispute Resolution) Act 2008.

"In response to these concerns, Mr Duff deregistered from the FSPR as a financial adviser, transferred his client list and ceased acting as a financial adviser," the FMA says.

"Additionally, Mr Duff offered to be subject to formal restrictions on his participation in the New Zealand financial markets for the next five years and this position has been formalised in the ... Enforceable Undertaking, which contains additional detail regarding the FMA's inquiries."

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