FMA censures Fox Plan for providing and offering unpermitted financial advice services. The Financial Markets Authority (FMA) - Te Mana Ttai Hokohoko - has formally censured Wellington-based financial services firm FoxPlan Ltd, after one of its nominated representatives provided services he was not permitted to give and other representatives offered services to clients they were not permitted to give. Following a monitoring review in late 2020, the FMA found one of FoxPlan's Auckland-based nominated representatives had provided an investment planning service to some clients since mid-2018. Under the Financial Advisers Act (FA Act) 2008, only Authorised Financial Advisers (AFA) were permitted to provide this service, which involves designing a plan based on an individual's financial situation and identification of the individual's investment goals. Additionally, the FMA found four of FoxPlan's representatives wrongly held out to clients that they were an AFA or financial planner. Separately, the FMA had reason to believe FoxPlan's AFAs failed to comply with disclosure obligations - specifically, the need to provide retail clients with their primary disclosure statement (PDS), an important document to ensure a client understands the service they are receiving. James Greig, FMA Director of Supervision, said: "This case reiterates that financial advice firms can be held liable for the actions of their financial advisers." At the request of the FMA, FoxPlan has undertaken a numb