AFA loses license before investigation complete

David Maida | financialalert | 07 February 2013

In a first, an Authorised Financial Adviser (AFA) has had his license cancelled by the Financial Markets Authority (FMA) just weeks after it was granted, and while the FMA and the SFO are still investigating a complaint against him. financialalert asked some industry insiders what the case means for other AFAs.

Not even David Ross, who is accused of running a Ponzi-scheme, has had his license completely revoked by the FMA. His is suspended for six months pe...