About Us

The Financial Advisers Disciplinary Committee (FADC) is an independent body established pursuant to section 103 of the Financial Advisers Act 2008 (the Act).

The FADC conducts disciplinary proceedings arising from complaints about Authorised Financial Advisers (AFAs) relating to breaches of the Code of Professional Conduct for AFAs (the Code) which are referred by the Financial Markets Authority (FMA). [Click to download the Code [PDF, 2.1 MB]]

The FADC was established in December 2010 by the Minister of Commerce to conduct the disciplinary proceedings described above.

The Act sets out the functions of FADC and authorises it to determine its own procedures in order to meet its responsibilities and obligations under the Act.

FADC’s functions are:

  • to conduct disciplinary proceedings arising out of complaints regarding AFAs referred to it by FMA; and
  • to impose a range of penalties ranging from recommending to FMA that it cancel the AFAs authorisation to imposing a fine not exceeding $10,000 as a result of the disciplinary proceedings.

Further information about the hearing process and the procedural rules of the FADC [click to download the Procedural Rules] [PDF, 252 KB] can be found in the Information Guide. [click to download the Information Guide]

The Financial Advisers Act 2008 established the FADC. The FADC is made up of between four and six members.

The current members are:

Hon. Sir Bruce Robertson (Chairperson)

Sir Bruce Robertson was appointed a High Court Judge in 1987, was President of the Law Commission from 2001 to 2005 and then sat on the Court of Appeal until he retired in 2010. Sir Bruce was the Chairman of the Rugby World Cup Authority and is now the Chairman of the Sports Tribunal. He continues a long involvement with the Pacific as President of the Courts of Appeal of Vanuatu and the Pitcairn Islands. He is also a Judge of the Qatar International Court and Disputes Resolution Centre.

Tracey Berry

Tracey Berry has over nineteen years of experience in financial services, specialising in wealth management, regulatory affairs, compliance and distribution. She is presently the General Manager Canterbury Growth for Kiwibank.  Prior to rejoining Kiwibank, Tracey was the Head of Wealth and Private Bank for Bank of New Zealand, where she held overarching responsibility for the bank’s Wealth Management and Private Bank strategy and channel. Tracey has also held the positions of General Manager Wealth and Insurance at Kiwibank and Head of Wealth Management at Westpac NZ. Tracey has a Post Graduate Diploma in Personal Financial Planning from Waikato University and holds the following designations: PFP, AFP, FFin, AFNZIM.

Geoff Clews

Geoff Clews is an Auckland Barrister, specialising in contentious tax and trust issues. He is also a professional trustee for several charities, and a company director. Geoff has studied and published expert commentary on the standards and processes to which professional investment stewards should aspire to under New Zealand law.

Simon Hassan

Simon Hassan is a director of Hassan & Associates. Active in the profession, Simon is a past President and a Fellow of the Institute of Financial Advisers. He has also chaired its College of Financial Planners, and was closely involved with government and industry leaders in the lead up to financial adviser regulation. Simon is a member of the Standards Committee of the international Financial Planning Standards Board and he mentors and provides consultancy services to other advisers, advisory firms, government agencies and education providers. He also lectured in financial advice at Massey from 2004 to 2012. Before becoming an authorised financial adviser Simon taught in secondary schools for 17 years, ending up as an Assistant Principal. Simon holds the following: MA (Hons), postgraduate Diploma in Education, Graduate Diploma in Business Studies (Personal Financial Planning).

Peter Houghton

Peter Houghton has twenty years of experience in the finance industry in London. He moved to New Zealand from the United Kingdom in 2010, after spending nineteen years in the investment banking industry. The majority of Peter’s career has focused on providing investment research to fund managers’ globally. His last role was Global Head of Investment Research at Dresdner Kleinwort Investment Banking in the United Kingdom, prior to which he held a number of positions with J.P. Morgan.

David Macdonald, QSO

David Macdonald was Auditor-General of New Zealand from 1995 to 2002. Prior to this appointment he was a partner in Deloitte, in Wellington from 1971 to 1989 and in London from 1990 to 1994. After serving his term as Auditor-General he joined Victoria University of Wellington as an Adjunct Professor from 2002 to 2010 teaching auditing and public sector financial management and exploring his particular interests in auditor independence and regulation, and accountability and transparency in the public and private sectors. David holds a Bachelor of Commerce, is a Life Member of the New Zealand Institute of Chartered Accountants and has been a member of the Institute’s Disciplinary Tribunal since 2002.

Subscribe