[Weekly Wrap] Bad-news story nearing end
The former AFA pleaded guilty this week and has been remanded in custody.
Many advisers have said to me that it's unfortunate that every time a story is written about him, he's described as a "financial adviser" not an "accountant" or any of the other terms that might be applicable - and the industry that is fighting hard to build confidence is tarred with that same brush.
It is clear that most advisers are taking their obligations to their clients very seriously. When I spoke to Trevor Slater, of FSCL, he said that advisers regularly called for help in dealing with customer concerns, but those concerns very rarely escalated into full-blown complaints. He credited the fact that adviser relations are very relationship-based with their ability to turn sticky situations around.
The FMA's Sue Brown told the securities law conference in Wellington that advisers were still unsure about the "principles-based" approach to regulation, though. They worried about whether they were doing what they were meant to if there was not a checklist to tick off. The clear message to advisers was that the FMA would be a lot more lenient on those who looked like they had made an effort to comply, even if they had got it wrong.
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