Adviser Pleads Guilty to FMA Charges

0

South Island financial adviser, Garry James Patterson has pleaded guilty to two charges brought by the Financial Markets Authority (FMA) at the Christchurch District Court.

The FMA filed the two charges against Patterson in March 2017 under the Financial Service Providers (Registration and Dispute Resolution Act) 2008 (FSP Act) in relation to various insurance policies between 1 July 2013 and 28 May 2015.

Patterson has since entered guilty pleas for both charges as follows:

  • Holding out that he was in the business of providing financial services when not registered or a member of an approved dispute resolution scheme under section 12 of the FSP Act; and
  • Obstructing the FMA’s investigation by refusing or failing to comply with a notice issued under section 25 of the FMA Act to attend an interview without reasonable excuse under section 61 of the FMA Act.

“To be in the business of providing financial services, individuals must be registered and a member of an approved dispute resolution scheme under the FSP Act and the Financial Advisers Act 2008,” the FMA stated.

Patterson is scheduled to be sentenced on 17 April 2018, after which the FMA stated it will provide further comment.