Following an investigation into the conduct of an un-registered individual, Garry James Patterson (Mr Patterson), the FMA determined that Mr Patterson had committed offence(s) under the FSP Act, in relation to various insurance policies between 1 July 2013 and 28 May 2015, and that Mr Branton-Casey had facilitated Mr Patterson's offending. As a RFA, Mr Branton-Casey's professional conduct raised concerns for the FMA.
Mr Branton-Casey has offered the undertakings and the FMA has agreed to accept these undertakings in accordance with section 46 of the FMA Act.
Accordingly, Mr Branton-Casey undertakes that:
- He has voluntarily de-registered as a RFA from the FSPR; and
- He will not (for a period of four years from the date this document is executed by both parties)-
- (re)apply to be registered or authorised as a financial adviser under the FSP Act and/or under the FA Act; or
- become licensed to provide a financial advice service or give regulated financial advice on behalf of a financial advice provider under the Financial Markets Conduct Act 2013 (FMC Act) (once this Act is amended by the Financial Services Legislation Amendment Bill.
- In facilitating Mr Patterson's offending under the FSP Act, the FMA considers that Mr Branton-Casey's professional conduct fell short of the FMA's expectations of a RFA under the FA Act and/or under the Crimes Act. FMA issued a public warning as a result of this. See media release.
- More specifically, Mr Branton-Casey was the RFA who signed and submitted various insurance application forms to insurance providers that had been completed by Mr Patterson for clients, in circumstances where Mr Branton Casey had not met or advised the relevant clients and knew that Mr Patterson was not registered as a financial adviser. In doing so, Mr Branton-Casey failed to exercise the care, diligence and skill expected of a reasonable RFA in the circumstances.