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The Complainant by v830nK4j




                                     Chairman’s Ruling

                                      7 November 2002

Complaint 02/335

                      Complainant: A. Scott - Money Managers
                            Advertisement: Rodney Financial Services Ltd.

Complaint: A flier inserted in the Rodney Times advertising a seminar to be held by Rodney
Financial Services Ltd, contained the headline: “Are you looking for Good Quality
Investment Advice?” Below, included in the promotion was the claim: “Our advice is
independent, we are not aligned to any product or supplier."

The Complainant, Money Managers Investment Advisers, said: “The attached flyer from
Rodney Financial Services advertising an upcoming seminar, states, “Our advice is

As you will be aware the financial advising community are no longer able to refer to
themselves as “independent” if they receive brokerage or commission from a third party. I
can confirm that Rodney Financial Services do receive commission from product providers.
Therefore, under your definition this advertisement is misleading and deceptive.”

The Chairman ruled that the relevant provision was the Third Basic Principle of the Code
for Financial Advertising and previous Complaints Board Decision 97/176 and the pursuant
Appeal regarding the "Money Managers".

The Advertiser advised that they were aware of the requirements of the Code for Financial
Advertising, and willing to comply. However, due to time constraints the claim subject to the
complaint was not detected prior to the printing and distribution of the advertisement, for
which sincere regret was expressed.

The Chairman was of the opinion that the matter had been resolved. As the principles of
self-regulation had been fulfilled it would serve no further purpose to place the matter before
the Board.

The Chairman ruled the Complaint be Settled.

Chairman’s Ruling: Complaint Settled

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