A financial adviser has had his membership temporarily suspended from a professional body for failing to respond to three "serious" complaints by members of the public.
Timaru adviser Neville Cant was named and suspended by the Institute of Financial Advisers' (IFA) disciplinary tribunal after he failed to respond to requests
from its professional conduct committee to explain the queries.
The conduct committee said it had asked Cant to respond three times - once in August and twice in October and while the adviser had acknowledged the requests he had not provided any explanation.
In a letter sent to members this week, IFA chief executive David Hutton said Cant had received three complaints which seemed to be unrelated.
Hutton said the adviser had not been found guilty of any charges but had been suspended because of his failure to respond.
IFA president Lyn McMorran said the ruling did not stop Cant from practising as an adviser.
"Until the new regulations are formally in place nobody has that power at the moment," she said.
McMorran said the suspension had been put in place as a warning to other advisers.
The disciplinary tribunal aimed to hear both sides of the story but if Cant did not respond it would have to go ahead without him, she said.
McMorran said it was the first time "in years" the IFA had suspended a member. It has handled 115 complaints in the past four years of which only 25 had gone to the disciplinary tribunal.
A further 13 complaints were being looked into.
McMorran said the number of complaints was not high compared to its membership of around 1300 advisers.
The Government is putting in place regulations to set a minimum standard for financial advisers and set up a formal complaints process. It is not expected to take effect until the end of next year.
