New Zealand Financial Markets Authority Publicly Warns Financial Adviser For KiwiSaver Advice In Wake Of COVID-19 Date
04/03/2021
The Financial Markets Authority (FMA) has issued a public warning to a financial adviser due to advice he gave clients in relation to their KiwiSaver and other investments following COVID-19 market volatility.
Roger David Gannon, an Authorised Financial Adviser (AFA) of Gannon Insurance Brokers, sent a bulk email in March 2020 to his clients recommending they immediately move their savings in KiwiSaver plans and similar investment funds to ‘low risk’ funds in the wake of market uncertainty caused by COVID-19. The FMA was alerted to the communication after receiving a complaint from one of Mr Gannon’s clients.
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Financial adviser Roger Gannon warned by regulator over advice he gave to KiwiSaver clients
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Date Time
FMA publicly warns financial adviser for KiwiSaver advice in wake of COVID-19
The Financial Markets Authority (FMA) has issued a public warning to a financial adviser due to advice he gave clients in relation to their KiwiSaver and other investments following COVID-19 market volatility.
Roger David Gannon, an Authorised Financial Adviser (AFA) of Gannon Insurance Brokers, sent a bulk email in March 2020 to his clients recommending they immediately move their savings in KiwiSaver plans and similar investment funds to ‘low risk’ funds in the wake of market uncertainty caused by COVID-19. The FMA was alerted to the communication after receiving a complaint from one of Mr Gannon’s clients.