The Financial Advisers Disciplinary Committee has got off to a slow start, adjourning the first cases it was due to hear, including that of alleged Ponzi-scheme operator David Ross.
The committee, which has the power to fine financial advisers or recommend they be deregistered, was set up in 2010 to deal with complaints about advisers allegedly breaching their code of professional conduct.
This code sets out minimum standards of ethical behaviour, client care, competence and continuing professional training with which Authorised Financial Advisers (AFAs) must comply.
AFAs are licensed by the Financial Markets Authority, which refers cases about advisers allegedly in breach of the code to the FADC.
Although the FADC was established more than two years ago, the FMA has referred only four advisers so far. Two of these advisers were due to appear before the committee today, including Ross - whom the Serious Fraud Office has accused of running a $400 million Ponzi scheme.