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Disciplinary Process


Complaints

The Financial Markets Authority has a formal complaints process if people or companies breach the Financial Advisers Act 2008.

Authorised Financial Advisers (AFAs) have certain whistle-blowing protections if they report a breach under the Act. See here for more information.

Disciplinary Committee

The Disciplinary Committee is an independent body.  It conducts disciplinary proceedings arising from complaints about AFAs relating to breaches of the Code of Professional Conduct for AFAs.  

The Committee may take a range of actions as a result of proceedings, including cancellation of authorisation, suspension, and censure.

Background on the Disciplinary Committee

The Committee is made up of between four and six members, including the Chairperson. The membership must include at least one member who works, or has worked, in the financial adviser industry, at least one member who is independent of the financial adviser industry, and at least one member who is a lawyer with no less than seven years legal experience.

The role of the Committee is to:

  • conduct disciplinary proceedings arising out of complaints regarding authorised financial advisers referred to it by FMA
  • take any actions required as a result of the disciplinary proceedings.

See more about the Financial Advisers Disciplinary Committee (FADC).

 

Disciplinary Committee members

  • Hon Sir Bruce Robertson (Chairman)
  • Tracey Berry
  • Simon Hassan
  • Peter Houghton
  • Geoff Clews
  • David Macdonald