24 April 2012
The Wellington District Court has dismissed an appeal by Sean
Wood against a Financial Markets Authority decision to decline his
application for authorisation as an Authorised Financial Adviser
(AFA).
Mr Wood's application was declined by FMA on 21 October 2011 after
he failed to disclose convictions under the Building Act.
"Mr Wood's failure to disclose convictions and, more importantly,
the fact of his conduct behind the convictions and his attitude to
compliance with the law, mean that he is not of good character such
as is required to be an AFA.
"The FMA quite properly came to the conclusion, in effect, that
the adverse inferences it could and did properly draw as to his
character meant that it could not be satisfied that he would comply
with the onerous documentary, ethical and fiduciary obligations
with which an AFA must comply," Judge Harrop said in his
decision.
FMA Head of Primary Regulatory Operations Sue Brown said it was
important that applications to become an AFA were assessed
rigorously.
"The Financial Advisers Act seeks to promote high standards of
professionalism and integrity. FMA's role is to ensure that
applicants have the insight, knowledge and attitude necessary to
uphold and respect those standards."
The decision can be found
here.
Ends
Contact:
Diane Maxwell on 029 200 8194