The Procedure Rules for Authorised Financial Advisers under the Financial Advisers Act 2008 have undergone amendments. The new rules will assist the committee in providing a just and speedy determination in all our proceedings. Click here for a full list of the Rules.
The amendments are:
- A new Rule 9 clarifies that a panel of the Committee members can consider a complaint against any AFA. Decisions of the panel are deemed to be decisions of the Committee.
- Rules 23 to 25 are consolidated to allow the chairperson the discretion to allocate the type of hearing for each complaint and the discretion to amend the type of hearing if required.
- Rule 28 has been amended to clarify the ability of the Committee to request submissions from the parties on penalty prior to determination of a referral.
- Rule 32 clarification that the Committee has the discretion to direct that the parties and victims’ names are suppressed.