Adviser to stop giving advice for five years

by NZ Adviser15 Apr 2016
Adviser Stephen Duff has accepted he was not authorised to offer financial advice to retail customers, according to a set of enforceable undertakings he signed with the Financial Markets Authority

For the next five years Duff, who ran Auckland brokerage Financial Vision, will not be able to provide services or receive client money, the New Zealand Herald reports. 

Duff signed enforceable undertakings with the regulator last week, over 18 months since the FMA raised concerns and he agreed to retire from providing financial advice in 2014 and sold Financial Vision's client list to a licensed provider.

Duff agreed, last week, that for the next five years, would not:

• Provide financial advice;
• Deal with client investments;
• Receive client money;
• Serve as a director or manager of any company involved in providing financial advice.


 

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