The Financial Advisers Disciplinary Committee (FADC) is an independent body established pursuant to clause 49 of Schedule 5 to the Financial Markets Conduct Act 2013 (the Act).
The FADC conducts disciplinary proceedings arising from complaints about financial advisers relating to contraventions of the provisions of the Act that regulate financial advice and financial advice services. Complaints are referred by the Financial Markets Authority (FMA) and can include breaches of the Code of Professional Conduct for Financial Advice Services (the Code).
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 financial advisers referred to it by FMA; and
- to impose penalties ranging from directing the Registrar to deregister the financial adviser 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 can be found in the Information Guide:
The Financial Markets Conduct Act 2013 establishes the FADC. The FADC is made up of between four and six members.
The current members are:
Hon. Sir Bruce Robertson
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 has over two decades of experience in financial services, specialising in wealth management, regulatory affairs, compliance and distribution. She is presently General Manager, TSB Bank and Trustee of Ara Foundation. Tracey has previously held the positions of Non-executive independent Director and Chair of Nikko Asset Management NZ, General Manager Wealth and Insurance, Group Manager at Kiwibank and Head of Wealth Management at Westpac NZ and Head of Private Bank at Bank of New Zealand. Tracey has a Post Graduate Diploma in Personal Financial Planning from Waikato University and holds the following designations: PFP, FFin, AFNZIM.
After a 28-year career as a financial adviser Simon Hassan stepped down from this role in September 2018. Over the years Simon was closely involved with the profession at many levels, both locally and internationally. He was a Fellow of and served two terms as President at the Institute of Financial Advisers (now Financial Advice NZ). Simon also lectured in financial advice at Massey University, and was closely involved with the lead up to financial adviser regulation in New Zealand. Currently independent Chair of Financial Advice NZ’s Certification Committee, Simon provides consultancy services to professionals, firms, government agencies and education providers. Simon has an MA with First Class Honours, a postgraduate Diploma in Education, and a Graduate Diploma in Business Studies (Personal Financial Planning).
John was appointed as an Associate High Court Judge in 2011, and sat on the Court in that capacity until 2019. From 1987 onwards he practised as a Barrister specialising in civil litigation, after some 15 years in general legal practice. In that time he also undertook a range of other professional roles including Chair of a statutory tribunal, Chair of numerous commissions under the Resource Management Act, and serving as a director of a number of companies engaged in manufacturing, property development and particularly the finance industry. He now practises as a mediator and arbitrator.
Sarah-Jane has been a barrister and solicitor for over 25 years, and has had a varied career in New Zealand and England, working both in-house and at law firms, including as a partner at Anderson Lloyd. She is also an independent company director and a Trustee of a number of different philanthropic organisations.
Dr Tulloch is a member of the Institute of Directors New Zealand and holds other Board and governance-level positions in New Zealand and the United Kingdom. He completed his postdoc in Sustainable Finance at the University of Oxford. He has a PhD in Finance from the University of Otago, a Masters (with distinction) in International Accounting and Financial Management and a Bachelors (Honours) in Psychosocial Sciences from the University of East Anglia.