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Stephen Duff - Enforceable undertaking

Page last updated: 11 Apr 2016

On 11 April 2016, Stephen Duff (also known as Nick Duff) offered, and the FMA accepted, the Enforceable Undertaking pursuant to section 46 of the Financial Markets Authority Act 2011.

Enforceable undertaking

The Undertaking provides that for the next five years Mr Duff will not:

  • Provide financial advice;
  • Otherwise deal with client investments;
  • Receive client money on behalf of clients or third parties; and/or
  • Serve as a director (or carry out a management role) of any company involved in the provision of financial services or investment products.
The FMA's concerns

The FMA considers that Mr Duff has likely breached the Financial Advisers Act 2008 and the Financial Services Provider (Registration and Disputes Resolution) Act 2008.

In response to these likely breaches, Mr Duff has deregistered from the FSPR as a financial adviser, has transferred his client list and has effectively retired as a financial adviser. In addition, Mr Duff has offered to be subject to formal restrictions on his participation in the New Zealand financial markets.