New Zealand’s Financial Markets Authority (FMA) has warned a registered financial adviser about giving misleading and deceptive advice on life insurance.

The regulator has not named the adviser, but says he told clients about alternative cover without providing details of premiums.

“The adviser then provided a direct debit form to his clients for them to complete, which his clients ignored,” the FMA says. “[Subsequently the adviser] completed and submitted the direct debit form on his clients’ behalf without authority, and completed and submitted a declaration of good health on his clients’ behalf without authority.”

After an FMA investigation, the adviser stopped providing financial advice and was sacked by his employer.

“The FMA is satisfied that the incident was a one-off and was of a low monetary value,” the regulator says.

“The adviser’s employer has reviewed all relevant files and has identified no other misconduct. He had made no financial gain.”