Ending a 40-year career - the true cost of a FADC decision
The woman, who cannot be named due to a suppression order, says her experience with the tribunal should be seen as a lesson to other advisers who may get too comfortable with long-term clients.
In March, the Financial Advisers Disciplinary Tribunal (FADC) released its decision to censure the woman for breaches of two Code Standards, also deciding to suppress her name.
According to an Official Information Act request made by ASSET Magazine and Good Returns, staff at both the Financial Markets Authority (FMA) and FADC spent a total of 1684 hours - about 210 working days - on the case.
Costs for both organisations totalled $20,739 (incl GST) and was made up of travel-related costs, transcription fees, courier costs and payments to committee members.
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