The Financial Markets Authority of New Zealand (FMA) has penalised Go Financial Solutions Limited for failing to meet multiple obligations under its Financial Advisory Provider (FAP) licence.。

In an oversight review earlier this year, the FMA found that Go Financial Solutions:

• Improper record keeping of recommendations provided to customers
• Failure to adequately gather information about the customer's situation and to justify the recommendations made to the customer
• Failure to ensure that customers understand the financial advice they receive
• Failure to exercise prudence, diligence and skill in providing financial advice to clients

Go Financial Solutions has an incomplete record of financial advice to retail customers。Among the customer profiles reviewed, Go Financial Solutions had the following: incomplete personal details for providing financial advice; incomplete information about any information obtained from customers; incomplete nature and scope of disclosure; ambiguous and inconsistent dates in customer profile notes, making it difficult to determine when the alleged customer interaction occurred。

The FMA also found that Go Financial Solutions "advisers failed to take reasonable steps to ensure clients understood the implications of financial advice.。

These failures violate the obligations of licensed financial analysts under the Financial Markets Conduct Act 2013.。

Go Financial Solutions must submit an action plan to the FMA outlining what it will do to correct the breach and ensure it does not breach its licensing obligations in the future。The FMA affirmed Go Financial Solutions' cooperation to date and its efforts to rectify the irregularities。Monetary Authority to oversee compliance and completion of action plan by Go Financial Solutions。