FMA calls out FoxPlan for unregistered financial advice

Wed, 28 Jul 2021

The Financial Markets Authority (FMA) has formally censured Wellington financial advice firm FoxPlan for allowing one of its unregistered employees to provide investment advice.The employee was based in Auckland and had been providing investment planning services to some clients since mid-2018, when the regulator caught them in late 2020.Under the Financial Advisers Act, only authorised advisers (AFA) are allowed to give personalised advice based on individual’s financial situation and investment goals.FoxPlan’s staff also “wr...

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