Tag: nz_financial_markets_authority
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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 Warns Chance Voight Investors Amid Liquidation
The Financial Markets Authority (FMA) is advising investors in Rangiora-based Chance Voight to seek full information before providing further funds to Bernard Whimp or any Chance Voight-related entity. This warning comes as the FMA has applied to the High Court…
BusinessPolitics and GovernmentLegalFinancial MarketsEconomyLaw Enforcement Financial Markets AuthorityChance VoightBernard WhimpLiquidationInvestmentRangioraNZ 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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Tower Faces $7 Million Penalty for Misleading Customers
Tower has been ordered to pay a $7 million penalty for misleading representations that resulted in more than $11 million in overcharges to its customers. The penalty follows admissions in civil proceedings brought by the Financial Markets Authority (FMA) in…
BusinessLegalAustralasiaFinancial MarketsLaw Enforcement TowerFinancial Markets AuthorityFMAFinancial Markets Conduct ActFMC ActAucklandCivil ProceedingsNZ Financial Markets Authority
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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 Updates Guidance on Insider Trading
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has released an updated information sheet to promote stronger practices regarding insider trading within the investment industry. This follows engagement with industry participants. The information sheet, titled Insider Trading: where…
BusinessLegalFinancial MarketsEconomyTradeAustralasia Financial Markets AuthorityFMAinsider tradinginvestment industryLouise Ungerinstitutional investorsTe Mana Tātai HokohokoNZ Financial Markets Authority
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New Zealand's Financial Advice Sector Sees Growth, Faces Scams and Misconduct
The Financial Markets Authority (FMA) has released its final Financial Advisers Update for 2025, reflecting on a year of progress and engagement within the financial advice sector. The FMA noted the sector is embedding the financial advice regulatory framework, with…
BusinessPolitics and GovernmentLegalScience & TechnologyFinancial MarketsEconomyFederal GovernmentComputers and InternetSocial Issues Financial AdviceFinancial Markets AuthorityFMAScamsFraudRegulatory ReturnsInvestmentNZ Financial Markets Authority
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FMA Grants 'No Action' Relief on Climate Reporting
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko will provide interim relief to entities affected by recently announced climate reporting changes. These entities will no longer be expected to lodge climate statements ahead of legislative changes. The FMA…
BusinessPolitics and GovernmentEnvironmentFinancial MarketsClimate ChangeFederal GovernmentLegal Financial Markets AuthorityFMAClimate Reporting EntitiesCREsLiam MasonLegislationNZ Financial Markets Authority
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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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IAG to Pay $19.5 Million Penalty for Widespread Failures
IAG New Zealand Limited will pay a $19.5 million penalty after admitting to fair dealing breaches. The Financial Markets Authority (FMA) investigation revealed that IAG made false and/or misleading representations regarding its insurance products. FMA Executive Director Louise Unger stated,…
BusinessPolitics and GovernmentFinancial MarketsLegalEconomy IAG New Zealand LimitedFinancial Markets AuthorityLouise UngerFinancial Markets Conduct Actfair dealingpecuniary penaltyNZ Financial Markets Authority
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FMA Seeks Feedback on Ethical Investment Disclosure Guidance
The Financial Markets Authority (FMA) is seeking feedback on updated draft guidance for financial products with ethical characteristics. The guidance aims to assist issuers in presenting their products in disclosures and advertising related to ethical claims. The consultation is open…
BusinessPolitics and GovernmentEconomyFinancial MarketsTradeLegal Financial Markets AuthorityFMAethical investmentLouise UngerFinancial Conduct ReportinvestmentFinanceNZ Financial Markets Authority
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KiwiSaver Shows Resilience with $123 Billion Under Management
The latest KiwiSaver Annual Report indicates the scheme's resilience amid economic challenges. The report, released by the Financial Markets Authority (FMA), shows total funds under management grew by 10% to $123 billion, driven by $12.2 billion in contributions and $6.4…
BusinessPolitics and GovernmentEconomyFinancial MarketsEmployment and LaborState Governments KiwiSaverFinancial Markets AuthoritySamantha Barrassretirement savingsinvestmentfinancial wellbeingAucklandNZ Financial Markets Authority
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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 of Surge in Social Media Investment Scams Using Deepfakes
The Financial Markets Authority (FMA) has issued a warning regarding a surge in social media investment scams. Scammers are impersonating New Zealand celebrities, journalists, politicians, financial commentators, and business leaders, particularly on Meta platforms. They create fake profiles and use…
BusinessPolitics and GovernmentScience & TechnologyFinancial MarketsSocial IssuesComputers and Internet FMAsocial mediainvestment scamsdeepfakesClare BolingfordFinancial Markets AuthorityNZ 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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New Zealand Anti-Scam Alliance Receives Welcome from FMA
The Financial Markets Authority (FMA) has welcomed the formation of the New Zealand Anti-Scam Alliance, a joint operational partnership aimed at tackling scams. FMA Executive Director Clare Bolingford emphasized the importance of collaboration in combating scams, stating, "Collaboration is a…
BusinessPolitics and GovernmentScience & TechnologyFinancial MarketsLaw EnforcementLegalComputers and Internet Financial Markets AuthorityNew Zealand Anti-Scam AlliancescamsClare BolingfordinvestmentNCSCFinanceNZ Financial Markets Authority
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FMA Focuses on Conduct and Access in Financial Advice Sector
The Financial Markets Authority (FMA) has released its inaugural Financial Conduct Report, outlining key regulatory priorities for the financial advice sector over the next 12 months. These priorities include conduct impacting vulnerable consumers, ensuring clients understand fees and commissions, effective…
BusinessPolitics and GovernmentLegalFinancial Markets Financial Markets AuthorityFinancial Conduct ReportFinancial Advice Provider ForumsMurray McCluneFilcare Services LimitedFinancial ServicesRegulatoryNZ Financial Markets Authority
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Ex-Financial Advisor Admits Theft of $1.7M from Elderly Clients
Former financial advisor Murray McClune has pleaded guilty to two charges of theft, following a Financial Markets Authority (FMA) investigation. McClune, who had worked in the insurance industry since the late 1960s, misappropriated approximately $1.7 million from two sets of…
BusinessLegalFinancial MarketsLaw Enforcement Financial Markets AuthorityMurray McClunetheftfinancial advisorMargot GatlandfraudsecuritiesNZ Financial Markets Authority
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Filcare Services Loses Financial Advice Provider Licence
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has cancelled Filcare Services Limited’s (Filcare) Financial Advice Provider licence, at its request. The company provided financial advice to approximately 1,800 retail clients, many of whom were migrant workers…
BusinessLegalFinancial Markets Financial Markets AuthorityFilcare Services LimitedFinancial Advice Provider licenceHelena LewisFinancial Services Complaints LimitedFinanceNZ Financial Markets Authority
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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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Pharmazen Faces Infringement Notice for Late Financial Filing
The Financial Markets Authority (FMA) has issued an infringement notice to Pharmazen Limited for failing to file its financial statements on time. The audited financial statements for the year ended December 31, 2024, were due by April 30, 2025, under…
BusinessLegalFinancial Markets Financial Markets AuthorityPharmazen LimitedFinancial Markets Conduct Act 2013financial statementsJohn Hornerinfringement noticeAuditingNZ Financial Markets Authority
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FMA Warns Against Investment Scheme Operated by Jesse Joseph Vaughan and Crypto Partners Limited
The Financial Markets Authority (FMA) has issued a public warning regarding a managed investment scheme (MIS) operated by Jesse Joseph Vaughan and Crypto Partners Limited (CPL). The FMA alleges that Mr. Vaughan, the sole director and shareholder of CPL, offered…
BusinessLegalFinancial Markets Financial Markets Authoritymanaged investment schemeJesse Joseph VaughanCrypto Partners LimitedinvestmentlicenseFinancial ServicesNZ Financial Markets Authority