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19 July 2024

deVere

The Financial Markets Authority – Te Mana Tātai Hokohoko – has censured Auckland-based financial services firm deVere New Zealand Limited (deVere) for failing to comply with obligations under its Financial Advice Provider licence.

A review of deVere’s client files found it had inadequate record keeping in relation to advice given to its clients. DeVere was unable to demonstrate that the recommendations made to clients were suitable. They failed to ensure its clients understood the financial advice they received and any limitations of the advice, and inappropriately limited the nature and scope of its advice and failed to clearly articulate those limitations to its clients. DeVere also failed to exercise adequate care, diligence, and skill in providing advice to its clients.

DeVere must submit an action plan to the FMA outlining the steps it will take, and by when, to remedy the breaches and ensure it does not breach its obligations in future. FMA will monitor deVere's compliance and completion of the action plan.

Timeline

July 2024

FMA censures deVere for breaching its licence obligations.