FMA Censures FoxPlan For Providing And Offering Unpermitted

Wednesday, 28 July 2021, 10:03 am
The Financial Markets Authority (FMA) - Te Mana Tātai
Hokohoko – has formally censured Wellington-based
financial services firm FoxPlan Ltd, after one of its
nominated representatives provided services he was not
permitted to give and other representatives offered services
to clients they were not permitted to give.
Following
a monitoring review in late 2020, the FMA found one of
FoxPlan’s Auckland-based nominated representatives¹ had
provided an investment planning service to some clients
since mid-2018. Under the Financial Advisers Act (FA Act)
2008, only Authorised Financial Advisers (AFA) were
permitted to provide this service, which involves designing
a plan based on an individual’s financial situation and

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