FMA revokes license of advisor who stole $36k

James Greig, FMA director of supervision, said trust in the financial advice sector is vital. (Image: supplied)

Mon, 13 Dec 2021

The Financial Markets Authority has cancelled a financial advice provider’s licence for serious misconduct.Wisdom House Investment Partners – established by Yuen Pok Loo, who also uses the name Paul – has had its licence pulled due to its owner-operator’s misappropriation of funds in his work with financial services firm FoxPlan. The FMA censured Wellington-based FoxPlan in July, in part because Loo had provided services he was not licensed to do. He told his clients he was an authorised financial adviser when...

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