Insurance Advisor Issues Public Warning About Simulated Signatures

An insurance advisor was checked for copying and pasting customer signatures into the insurance policy documents.

The Financial Markets Authority (AMF) has issued a public warning regarding Brian Ferguson, a registered financial advisor for Palmerston North.

"In two separate cases, Mr. Ferguson personally asked or asked a member of the administrative staff to insert the client's signature on the documents by creating a copy of the client's signature and physically recording it in the missing signature area, "said Liam Mason, vice president. Director of Regulation of the FMA, said.

Police documents existed between insurers and members of the public to whom Ferguson gave advice.

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Mason stated that the FMA was satisfied that Ferguson had contravened section 34 of the Financial Advisors Act, 2008, as the conduct in question was misleading, misleading, or likely to lead to misrepresentation. error or deceive.

Although his actions misled insurers, Mason said Ferguson's shares were not intended to mislead customers.

"In one case, Mr. Ferguson had the client's consent, and in the second case, Mr. Ferguson said it was done with the client's verbal consent," Mason said.

"The FMA admits that Mr. Ferguson's conduct was not intended to mislead policy buyers." However, this conduct was likely to mislead the insurer who was unaware of the replacement. " , did he declare.

"Mr. Ferguson's misconduct is serious and falls well below the care, diligence, and skill that a reasonable financial advisor would exercise."

"This warning is intended to deter Ferguson and other market players from engaging in similar misconduct."

The misconduct occurred between October 2016 and April 2018 when Ferguson was hired and / or hired by Preferred NZ, Mason said.

"The file has been submitted to the FMA by Preferred NZ," said Mason.