Financial adviser publicly outed over KiwiSaver switching advice

FMA gives Roger Gannon a slap on the wrist for advice given during Covid volatility.
The FMA has named and shamed a Palmerston North financial adviser over KiwiSaver advice he gave clients during the initial Covid-19 market volatility.
Authorised financial adviser Roger Gannon of Gannon Insurance Brokers sent a bulk email in March 2020 recommending his clients immediately move their savings in KiwiSaver plans and similar investment funds to ‘low-risk’ funds in the wake of market uncertainty caused by the pandemic.
The FMA was alerted to the communication after receiving a complaint from one of Gannon’s clients.
In March last year, the FMA said it had noticed the plunging sharemarket had pushed fearful investors into switching

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