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.
The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. Kalkine does not in any way endorse or recommend individuals, products or services that may be discussed on this site.