[The Wrap] Introducing the new type of financial adviser (Not)
This week we learnt from the New Zealand Herald there is a new class of adviser. Apparently there is now an Unauthorised Financial Adviser to complement the mix of those who are already authorised and those who are registered.
The paper's handling of the conviction of ponzi scheme operator Stephen Robertson shows there is a lot of work to do to raise the public perception of financial advice and it raises interesting questions around regulation issues.
Roberston was found guilty of dozens of charges relating to the misuse of client money and has been remanded in custody for sentencing.
The NZH story is also interesting as the original headline called Robertson a financial adviser. However he was not on the FSPR; he was neither registered nor authorised. I understand the FMA pointed out the error to the paper and the headline was changed to call Robertson an Investment Trader – whatever that is. The third iteration of the headline used the new Unauthorised Financial Adviser one.
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