This is disturbing, that the Financial Markets Authority (FMA) will not release the second referee’s details.
NBR Print edition 5/4/13 – FMA declines NBR access to information – Duncan Bridgeman
The Financial Markets Authority is refusing to disclose the identity of a second referee supporting David Ross’ application to become an authorised financial advisor.
To get their ticket, and AFA is required to pass a “good character” assessment with support from two testimonials, including one from a recognised industry or professional organisation.
Mr Ross became an AFA on July 12, 2011 after the FMA authorised him to provide “financial advice and discretionary investment management services” under section 55 of the Financial Advisors Act 2008
Following NBR enquiries, FMA confirmed in December that the Institute of Finance Professionals (INFINZ) provided one testimonial.
However, the regulator will not release details sought by NBR under the Official Information Act of a second testimony provided by a client, saying the identification is subject to the Privacy Act.
NBR sought the identity on public interest grounds including the public having a right to know the calibre of referees backing this country’s AFA’s, especially given the collapse of Ross Asset Management.
Article continues in print edition