Tag: nz_financial_markets_authority
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FMA Report Reveals Progress and Gaps in Climate Disclosures
New Zealand's Financial Markets Authority released its 2026 Climate-related Disclosures report, noting improved reporting but emphasizing the need for better identification and assessment of climate-related physical risks. FMA plans webinars and workshops to support entities.
BusinessPolitics and GovernmentEconomyEnvironmentEducationGeneral Politics FMAClimate-related Disclosuresphysical risksclimate changefinancial reportingregulatory reviewNZ Financial Markets Authority
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FMA Report: Climate Disclosures Improving, Physical Risks Need Sharper Focus
New Zealand's FMA reports improving climate disclosures but urges entities to sharpen focus on physical risks and their financial impacts. The 2026 insights highlight progress in reporting structures and emissions, while calling for better data quality and clearer risk explanations.
BusinessScience & TechnologyPolitics and GovernmentEconomyEnvironmentFinancial MarketsLegal Financial Markets AuthorityClimate DisclosuresClimate Reporting EntitiesPhysical RisksGreenhouse Gas EmissionsFinancial ReportingNZ Financial Markets Authority
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FMA Issues Clearer Guidance for Sustainability-Related Financial Product Disclosures
The FMA has released updated guidance to clarify sustainability-related disclosures for financial products, helping investors make informed decisions that align with their environmental, social, or value-based objectives.
BusinessPolitics and GovernmentEconomyFinancial MarketsLegalEnvironmentSocial Issues FMAsustainabilityfinancial productsdisclosureinvestorsguidanceNZ Financial Markets Authority
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FMA Seeks Feedback on Related Party Transactions Guidance
The FMA is consulting on draft guidance for related-party transactions in Managed Investment Schemes, aiming to clarify existing laws for managers and supervisors. Feedback is due by June 12, 2026.
BusinessLaw Enforcement FMAManaged Investment SchemesRelated Party TransactionsConsultationFinancial Markets AuthorityGuidanceRegulationNZ Financial Markets Authority
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FMA Discontinues Legal Action Against Hutchison Estate in CBL IPO Case
The Financial Markets Authority has dropped its case against the Hutchison Estate in the CBL IPO matter, citing recent settlements with other parties as the reason for discontinuing the action.
BusinessLaw Enforcement FMACBL CorporationIPOLegal ProceedingEnforcementSettlementHigh CourtNZ Financial Markets Authority
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Financial Advice Sector Sees Strong Growth, Digital Services Surge
New FMA report reveals a 10% rise in financial advice providers and a 90% surge in digital advice clients, alongside challenges with data accuracy.
BusinessFinanceLaw Enforcement Financial AdviceDigital AdviceFMARegulatory ReturnsConsumer OutcomesMarket TrendsFinancial ServicesNZ Financial Markets Authority
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FMA Announces Board Appointments and Reappointments
Steven Bardy named Deputy Chairperson. Philip Doak and Alastair Hercus join the Board, Christopher Swasbrook reappointed. Prasanna Gai resigns after 2018 service.
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 advises Chance Voight investors to seek advice before providing further funds to Bernard Whimp or related entities, as the High Court considers liquidation.
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 is investigating Chance Voight Investment Corporation and related entities. Interim liquidators have been appointed for six Chance Voight entities. A subsidiary acquired Patterson Wealth Partners Limited in November.
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, leading to over $11 million in overcharges to customers. The FMA brought civil proceedings after Tower self-reported the issue.
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) has released a thematic review. The review focuses on financial institutions proactively reviewing products and services to identify consumer harms and promote improvements.
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 recognized New Zealand's financial benchmark regulations as equivalent to the EU's, ensuring the NZ Bank Bill Rate benchmark can still be used in the EU from 2026.
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) has issued revised educational material on insider trading, aiming to bolster compliance within the investment sector after consulting with industry stakeholders.
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 FMA reports an 8.4% increase in financial advisors, totaling 9,184, and a 90% surge in digital advice usage. However, the sector is grappling with rising scams and fraudulent activities, prompting increased vigilance.
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 FMA has decided to provide interim relief by adopting a 'no action' approach for entities affected by climate reporting changes, pending legislative amendments.
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 Finbase for breaching the Financial Markets Conduct Act 2013. Breaches relate to Single Investment financial products and failure to comply with disclosure requirements.
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) welcomes Dr. Philip Stevens as Chief Economist. Stevens brings 25 years of experience to the role, and will lead the FMA’s research and data analysis efforts.
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
Murray McClune, a former financial advisor, has been sentenced to three years and seven months in prison for stealing $1.7 million from elderly clients. He is also banned from providing financial advice.
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 has been penalised $19.5 million for fair dealing breaches after admitting to making false and/or misleading representations about its insurance products, affecting approximately 269,000 customers.
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 consulting on updated draft guidance for financial products with ethical characteristics, aiming to improve clarity and prevent misleading disclosures.
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
KiwiSaver's annual report reveals a 10% growth in funds, reaching $123 billion, driven by contributions and investment returns, despite economic challenges and a rise in non-contributing members.
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 admits to breaching fair dealing laws after an FMA investigation, paying $3.25 million for wrongly applying fees and incorrectly claiming mortgage incentive repayments.
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 FMA is seeking feedback on the implications of tokenisation, the process of turning real or virtual assets into digital tokens, to balance innovation and consumer protection in New Zealand's financial markets.
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 FMA warns of a surge in social media investment scams, with scammers impersonating NZ celebrities and business leaders using deepfake videos to lure victims into fake investment platforms.
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 FMA has warned Kiwibank for overcharging customers on joint accounts between 2011 and 2024. Kiwibank overcharged 8,663 customers a total of $912,053.79. The FMA has said that Kiwibank could have identified the issue earlier.
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 FMA welcomes the New Zealand Anti-Scam Alliance, a partnership to combat scams. The FMA issued 110 warnings in the past year and disrupts scam websites, sharing alerts through various channels.
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 FMA is prioritizing conduct impacting vulnerable consumers, fee transparency, and client asset protection. Forums will address the Financial Conduct Report, while a review of access to financial advice is underway. A former adviser pleads guilty to theft.
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
Murray McClune, a former financial advisor, pleads guilty to theft after misappropriating $1.7 million from elderly clients, using the funds for personal purposes.
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 has cancelled Filcare Services Limited’s Financial Advice Provider licence after an inquiry revealed breaches of licence obligations. The inquiry followed the termination of its distribution agreement with Fidelity Life and AIA New Zealand.
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. The report details conduct risks and opportunities the FMA will address over the next 12 months.
BusinessPolitics and GovernmentFinancial MarketsEconomyBankingLegal Financial Markets AuthorityFinancial Conduct ReportSamantha Barrassfinancial regulationinvestmentfraudfintechNZ Financial Markets Authority