FMA Warns Financial Adviser Who Advised Their Clients About COVID-19

  • May 28, 2020 NZST
  • Team Kalkine
FMA Warns Financial Adviser Who Advised Their Clients About COVID-19

The FMA (Financial Market Authority) has issued a formal warning for a financial adviser who made suggestions to clients that they immediately move their funds to ‘low risk’ investments due to the COVID-19 outbreak.

  • The Authorised Financial Adviser (AFA) sent many emails in the month of March 2020 to their customers, urgently proposing that they move their savings in KiwiSaver plans;
  • The adviser failed to explain that the advice may not be suitable for all clients;
  • A warning was issued under section 9 of the Financial Markets Authority Act 2011.

 


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