FMA takes non-disclosure case to FADC

The Financial Markets Authority alleged an Auckland-based insurance adviser failed to disclose pre-existing medical conditions on two client applications.

FADC chairman Bruce Robertson suppressed the name of the adviser and the two clients who gave evidence at yesterday's hearing in the Auckland District Court.

While the original claim was that the adviser had breached Code Standards 12 and 8, FMA counsel withdraw the former allegation and submitted the case was centred on CS8.

He alleged the adviser had not kept good records, but withdrew the charges around CS12.