Adviser X faces disciplinary committee

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The Financial Advisers Disciplinary Committee looks set to hear its first full case, but is suppressing details of the financial adviser facing charges.

Wednesday, May 28th 2014, 7:00AM 3 Comments

The committee has only recently revealed the case, which is due to be held tomorrow morning in Auckland.

Good Returns understands the defendant is a reasonably high profile adviser from one of the bigger groups.

Since the committee was established in 2010, it has made four decisions but all of these have been concluded without a full-blown hearings. 

The advisers in these cases include David Ross, Stephen Musaphia, Graham Beecroft and Ian Bourke-Shaw.

Authorised Financial Advisers who appear before the committee are referred to it by the Financial Markets Authority, The disciplinary proceedings come from complaints about AFAs who have allegedly breached of the Code of Professional Conducte Code.

The FADC has the ability to make determinations and impose penalties ranging from recommending to the FMA that it cancel an AFA’s authorisation, through to imposing a fine not exceeding $10,000.

The panel hearing the case is made up of chairman and former High Court judge Sir Bruce Robertson, financial planner Simon Hassan and investment banker Peter Houghton. The majority of Houghton’s career has focused on providing investment research to fund managers’ globally. His last role was Global Head of Investment Research at Dresdner Kleinwort Investment Banking in the United Kingdom

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