Category: banking
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FMA Announces Board Appointments and Reappointments
The Financial Markets Authority (FMA) has announced several changes to its Board. Steven Bardy has been appointed Deputy Chairperson, effective from January 1, 2026, until February 28, 2027. Mr. Bardy brings extensive experience in financial services, regulation, compliance, and risk…
Politics and GovernmentBusinessAustralasiaFinancial MarketsEconomyBanking Financial Markets AuthoritySteven BardyPhilip DoakAlastair HercusChristopher SwasbrookPrasanna GaiBoard AppointmentsNZ Financial Markets Authority
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FMA Investigates Chance Voight Investment Corporation
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – is investigating Christchurch-based Chance Voight Investment Corporation Limited (Chance Voight), its subsidiaries, and associated persons and entities. The investigation follows the FMA seeking the appointment of interim liquidators over…
BusinessLegalFinancial MarketsBanking Financial Markets AuthorityChance Voight Investment CorporationChristchurchMalcolm HollisJohn FiskLara BennettPwC New ZealandNZ Financial Markets Authority
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FMA Censure Opes Group for Licence Breaches
The Financial Markets Authority (FMA) has censured Opes Group Holding Company Limited for breaching its Financial Advice Provider (FAP) licence obligations. The censure follows findings of shortcomings in record keeping, client understanding of advice, conflict of interest management, and adviser…
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FMA Releases Thematic Review on Financial Institutions' Product and Service Reviews
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has released a thematic review on financial institutions’ product and services reviews. Executive Director, Licensing and Conduct Supervision, Clare Bolingford, said: “When financial institutions proactively review products and services,…
BusinessFinancial MarketsBankingEconomyLegal Financial Markets AuthorityFMAClare Bolingfordfinancial institutionsproduct reviewsservice reviewsLicensing and Conduct SupervisionNZ Financial Markets Authority
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EU Approves Continued Use of New Zealand Financial Benchmarks
The European Commission has decided to recognise New Zealand’s legal and supervisory framework for financial benchmarks as equivalent to the European Union’s. The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has welcomed the decision. This, coupled with…
BusinessPolitics and GovernmentEuropeFinancial MarketsTradeEconomyBankingLegal European CommissionFinancial Markets AuthorityNZ Bank Bill RateBKBMFinancial BenchmarkFinancial RegulationNZ Financial Markets Authority
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FMA Cancels Hope Group Limited's Financial Advice Provider Licence
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has cancelled the Financial Advice Provider licence of Christchurch-based Hope Group Limited (HGL). HGL held a full financial advice provider licence and provided personal risk insurance advice to retail…
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New Zealand's Net Worth Increases 4.2 Percent in 2024
New Zealand's net worth increased by 4.2 percent in the year ended March 2024, driven by a rise in assets that outpaced liabilities. This information comes from the latest annual balance sheets, which provide estimates of assets, liabilities, and net…
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingTradeAustralasia
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FMA Warns Finbase for Disclosure and Fair Dealing Breaches
The Financial Markets Authority (FMA) has issued a warning to HP Capital Limited, trading as Finbase, for serious breaches of the Financial Markets Conduct Act 2013 (FMC Act) and Financial Markets Conduct Regulations 2014 (FMC Regulations). The warning concerns Finbase’s…
BusinessPolitics and GovernmentLegalFinancial MarketsEconomyBanking FMAFinbaseFinancial Markets AuthorityFinancial Markets Conduct Act 2013Financial Markets Conduct Regulations 2014Single InvestmentHP Capital LimitedNZ Financial Markets Authority
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FMA Appoints Dr. Philip Stevens as Chief Economist
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has appointed Dr. Philip Stevens as Chief Economist. Stevens brings over 25 years of economics experience, including academic and public sector roles. He holds a doctorate in Economics from…
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingEmployment and Labor FMAPhilip StevensSamantha BarrassChief EconomistFinancial Markets AuthorityEconomicsNZ Financial Markets Authority
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Former Financial Advisor Sentenced for Theft
A former financial advisor, Murray McClune, has been sentenced to three years and seven months’ imprisonment for two charges of theft by person in a special relationship. The charges followed an investigation by the Financial Markets Authority (FMA). The Judge…
BusinessLegalEconomyFinancial MarketsBanking Financial Markets AuthorityMurray McCluneFinancial AdvisorTheftSentencingMargot GatlandFinancial ServicesNZ Financial Markets Authority
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New Board Members Appointed to Civil Aviation Authority
Associate Minister of Transport James Meager has announced the appointment of three new board members to the Civil Aviation Authority (CAA). The new appointees are Mike Schubert, Peter O’Regan, and Mel Templeton. CAA Board Chair Mark Darrow said the appointments…
Politics and GovernmentBusinessScience & TechnologyTransportationAustralasiaFederal GovernmentEconomyBankingFinancial MarketsDigital and Print Publishing
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FMA Warns Clients of Former NZ Financial Adviser to Check Bank Statements
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has issued a warning to clients and subscribers of a former New Zealand financial adviser, following complaints of suspected unauthorized credit and debit card payments. The FMA has received complaints…
BusinessLegalFinancial MarketsBankingLaw EnforcementAustralasia
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ANZ Pays $3.25 Million for Misleading Statements
ANZ has admitted to breaching fair dealing laws and will pay $3.25 million to the Crown following a Financial Markets Authority (FMA) investigation. The breaches involve wrongly applying fees and interest for unarranged overdrafts and incorrectly claiming repayment of mortgage…
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingLegal ANZFinancial Markets AuthorityFMAFinancial Markets Conduct ActMortgage incentivesOverdraft feesFinanceNZ Financial Markets Authority
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Financial Markets Authority Seeks Feedback on Tokenisation
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko is seeking feedback on the implications of a growing market for tokenised products. Tokenisation involves converting real or virtual assets into digital tokens that can be stored and traded on…
BusinessScience & TechnologyEconomyFinancial MarketsBankingComputers and InternetLegal Financial Markets AuthorityFMAtokenisationdigital assetsblockchainLiam Masonfinancial servicesNZ Financial Markets Authority
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FMA Warns Kiwibank for Overcharging Customers
The Financial Markets Authority (FMA) has issued a warning to Kiwibank for overcharging customers due to a failure to apply fee waivers to certain joint account holders. The issue, which persisted from approximately March 2005 to November 2024, involved transaction…
BusinessPolitics and GovernmentFinancial MarketsBankingLegal FMAKiwibankFinancial Markets Authorityoverchargingfee waiversjoint accountsFinancial Markets Conduct ActNZ Financial Markets Authority
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Media Monitor: RNZ Reports on Bank Settlement, Rugby Suspensions
RNZ is reporting that a class action lawsuit against ASB and ANZ banks is offering to settle for more than $300 million. It said the case involves more than 150,000 customers affected between 2015 and 2019. The banks breached credit…
BusinessPolitics and GovernmentSportHealthWorldEconomyBankingLaw EnforcementLegal RNZASBANZClass Action LawsuitDunedinGore District CouncilAll BlacksRNZ News
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Media Monitor: Consumer NZ Reports Ineffective Medicines Still Sold
Consumer NZ is reporting that supermarkets and pharmacies in New Zealand continue to sell cold and flu medicines that have been proven ineffective. Consumer NZ said it asked supermarkets and large pharmacy chains why these products are still being sold.…
BusinessHealthWeatherEconomyBankingMedical ScienceEnergySocial Issues Consumer NZcold medicineflu medicinepharmaciessupermarketsretail
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FMA Releases Financial Conduct Report, Outlining Key Priorities for the Year Ahead
The Financial Markets Authority (FMA) has released its Financial Conduct Report, outlining key priorities for the financial sector in the coming year. This annual report aims to provide transparency and clarity to banks, insurers, investment managers, capital markets, and financial…
BusinessPolitics and GovernmentFinancial MarketsEconomyBankingLegal Financial Markets AuthorityFinancial Conduct ReportSamantha Barrassfinancial regulationinvestmentfraudfintechNZ Financial Markets Authority
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New Zealand Weather Emergency: Flooding, Power Outages, and Travel Disruptions
New Zealand is grappling with severe weather events, including widespread flooding in Canterbury, where a state of emergency remains. A thunderstorm passed over Auckland, and parts of Wellington, Wairarapa and Manawatū are experiencing power outages that could last for days.…
WeatherBusinessPolitics and GovernmentSportHealthAustraliaGeneral WeatherFinancial MarketsBankingMedical ScienceGeneral PoliticsElections CanterburyWellingtonKiwiSaverFloodingPower OutagesMedia Monitor