First adviser heads to disciplinary committee
The FMA head of primary markets, Sue Brown, says the authority has started the process of taking some advisers to the Financial Advisers Disciplinary Committeee (FADC).
The committee was set up as part of the new regulatory regime and is independent from the FMA. However, if a complaint is made against an adviser and the FMA decides there is a case it can then take a proceeding to FADC.
Although FADC has been in existence for nearly two years it is yet to hear a case.
Brown says that the FMA is finding that there are a group of advisers who appeared to be willing compliers with the regulations but are in fact becoming non-compliant, or less willing. Some, she says, are heading towards reckless disregard of the regulations.
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