Brian John Ferguson (FSP155185)

DATE: 28 November 2018
ADDRESS: Palmerston North

REASON FOR WARNING:

1. Following an investigation, the Financial Markets Authority (FMA) is satisfied that Mr Ferguson (FSP155185) contravened section 34 of the Financial Advisers Act 2008 (FA Act) by copying and pasting client signatures in insurance policy documents.  These policy documents were between third party insurers and clients advised by Mr Ferguson.
2. The FMA is satisfied that Mr Ferguson contravened section 34 of the Financial Advisers Act 2008 (FA Act) when he copied and pasted the signatures, because the conduct involved was misleading or deceptive or likely to mislead or deceive.
3. The FMA has concluded that Mr Ferguson should receive a formal warning concerning this conduct.  The FMA has also concluded it is in the interests of fair, transparent financial markets that this warning should be published.
4. Details of Mr Ferguson’s conduct is as follows:
   • In one instance when an insurance provider required a declaration of the clients’ continuing good health, Mr Ferguson requested a member of the administrative staff to copy and paste the client’s signature on three separate documents by creating a copy of the client’s signature from elsewhere on the application and physically taping it onto the missing signature box.  Mr Ferguson claims he did this with the verbal consent of the client.
   • In one further instance when an insurance provider rejected a client application due to a missing signature, with the policyholder’s consent, Mr Ferguson personally copied and pasted the missing signature by physically taping a copy of the client’s signature from elsewhere on the application form onto the missing signature box.
5. This conduct occurred between approximately October 2016 and April 2018 when Mr Ferguson was employed and/or contracted by Preferred NZ Limited.