Guilty pleas for FMA prosecutions

by NZ Adviser19 Mar 2018

The Financial Markets Authority (FMA) has revealed a guilty plea from Garry James Patterson, a businessman accused of providing financial services without the appropriate registration.

In March 2017, the FMA filed two charges against Patterson at Christchurch District Council, under the Financial Services Providers (Registration and Dispute Resolution Act) 2008 (FSP Act) in relation to various insurance policies between July 01, 2003 and May 28, 2015.

To be in the business of providing financial services, individuals must be registered and a member of an approved dispute resolution scheme under the FSP Act and the Financial Advisers Act 2008.

The FMA also brought charges against Patterson in relation to its investigation into his conduct under the FMA Act 2011.

According to the FMA Patterson has now entered guilty pleas for two charges:

  • Holding out that he was in the business of providing financial services when not registered or a member of an approved dispute resolution scheme under section 12 of the FSP Act; and
  • Obstructing the FMA s investigation by refusing or failing to comply with a notice issued under section 25 of the FMA Act to attend an interview without reasonable excuse under section 61 of the FMA Act.

Further comment will be provided after the sentencing, which is scheduled on April 17, the regulator added.

 
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