Topic: Financial Advice

Steven invested $8,000 in a growth fund only to discover it was worth $7,000 20 years later.

An insurance adviser attempted to rely on a poorly worded disclosure statement to justify passing commission claw back to his customers.

Due diligence costs when purchasing a house should be covered by the intended purchaser.

Iosefa and Teuila sign up for a savings plan to save for a house deposit. After finding out their savings weren’t earning interest, Iosefa and Teuila cancelled the agreement and tried to withdraw their money. The financial adviser who ran the saving plan accepted their cancellation but now he won’t release their funds saying he is owed a $4,995 fee. Can the financial adviser keep their savings?

In June 2015, Caleb spoke with a broker about securing finance to purchase a property to eventually develop. Caleb signed a mandate agreement setting out the finance terms he sought. The day before the property settlement the broker presented a finance offer on significantly different terms, and his brokerage fee of $23,500. Was Caleb required to pay the full fee?

Tim and Caroline said they were given advice that they would be able to claim back the GST component of a proposed property purchase, amounting to $112,500. When the IRD confirmed that Tim and Caroline could not claim back this amount, they make a complaint about John, their financial adviser.

Debt repayment plan unsuitable for complex mixed property ownership.

The Complainant felt forced to seek legal advice after her financial adviser would not redeem her investments.

John and Anna were keen to reduce the amount they were paying for personal insurance and health cover.

John and Anna were keen to reduce the amount they were paying for personal insurance and health cover.