Financial advisers to be referred to disciplinary body
It follows a review of wholesale investing by the Financial Markets Authority (FMA).
A larger number of lawyers and accountants will also have their cases referred to their own professional organisations.
In its review, the FMA discovered deficiencies in the eligible investor certificates regarding wholesale investments, which are supposed to be large scale offerings or involve seasoned, high level business professionals.
The review found there was an increase in wholesale investment offerings, which were sometimes being promoted, often in social media, without sufficient information about risks.
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