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On 11 April 2016, Stephen Duff (also known as Nick Duff) offered, and the FMA accepted, the attached Enforceable Undertaking pursuant to section 46 of the Financial Markets Authority Act 2011.
The Undertaking provides that for the next five years Mr Duff will not:
- Provide financial advice;
- Otherwise deal with client investments;
- Receive client money on behalf of clients or third parties; and/or
- Serve as a director (or carry out a management role) of any company involved in the provision of financial services or investment products.
The Undertakings result from the FMA’s concerns regarding Mr Duff’s potential breaches of the Financial Advisers Act 2008 and the Financial Services Provider (Registration and Disputes Resolution) Act 2008. In response to these concerns, Mr Duff deregistered from the FSPR as a financial adviser, transferred his client list and ceased acting as a financial adviser. Additionally, Mr Duff offered to be subject to formal restrictions on his participation in the New Zealand financial markets for the next five years and this position has been formalised in the attached Enforceable Undertaking, which contains additional detail regarding the FMA’s inquiries.
