Tag: nz_financial_markets_authority
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FMA Cancels Sydney Auditor Scott Bennison's New Zealand Licence
New Zealand's Financial Markets Authority has cancelled Sydney-based auditor Scott Bennison's licence over multiple breaches tied to the Greenfern Industries audit, with appeal rights noted.
BusinessLaw EnforcementAustraliaFinancial MarketsLegalBanking Financial Markets AuthorityScott BennisonAuditor Licence CancellationGreenfern Industries LimitedLouise UngerAustralian Securities and Investments CommissionAuditor Regulation Act 2011NZ Financial Markets Authority
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FMA Seeks Feedback on Simpler Market Services Licence Conditions
New Zealand's FMA proposes simpler, more consistent standard conditions for market services licences and six new conditions for licensed consumer credit providers, with feedback open until 11 December 2026.
BusinessPolitics and GovernmentFinancial MarketsBankingLegalEconomy Financial Markets Authoritymarket services licencesconsumer credit providersstandard conditionsconsultationregulatory complianceNZ Financial Markets Authority
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FMA Urges Kiwis to Stay Scam-Aware During World Investor Week 2026
New Zealand's FMA warns of AI deepfakes and pump-and-dump schemes as investors lose about $25 million since June 2025, urging Kiwis to verify before investing during World Investor Week 2026.
BusinessLaw EnforcementFinancial MarketsComputers and InternetArtificial IntelligenceSocial Issues Financial Markets AuthorityWorld Investor Week 2026investment scamspump-and-dump schemedeepfakesSamantha McGuireNew Zealand investorsNZ Financial Markets Authority
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FMA Extends No Action Relief for Climate Reporting Entities
New Zealand's FMA extends its no action approach on climate reporting obligations after amending legislation failed to pass before the election, giving affected entities interim certainty.
BusinessPolitics and GovernmentFinancial MarketsLegalEnvironmentClimate ChangeElection Financial Markets Authorityclimate reportingno action reliefFinancial Markets Conduct Amendment BillLiam Masonclimate reporting entitiesNZ Financial Markets Authority
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FMA Warns TSB Bank Over Six Years of Business Account Overcharging
New Zealand's FMA has warned TSB Bank after it charged $0.25 fees on business cheque transactions that should have been free, affecting 7,309 accounts over six years.
BusinessBankingLegalFinancial Markets Financial Markets AuthorityTSB Bankbusiness cheque transactionsoverchargingTrish Millwardcustomer refundsNZ Financial Markets Authority
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FMA Marks One Year of Tracking Bank OCR Pass-Through Rates
New Zealand's Financial Markets Authority has completed a year of monitoring how eight banks pass on Official Cash Rate changes to mortgage and savings customers, and plans to improve how the data is presented.
BusinessBankingFinancial MarketsEconomyReal Estate Financial Markets AuthorityOfficial Cash RateNew Zealand bankingfloating-rate mortgageson-call savings accountsinterest rate pass-throughReserve BankNZ Financial Markets Authority
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High Court Places 23 Further Chance Voight Entities in Liquidation
New Zealand's FMA welcomes a High Court ruling liquidating 23 more Chance Voight group entities, with liquidators appointed and the regulator's investigation continuing.
BusinessLaw EnforcementLegalFinancial MarketsBanking Chance VoightFinancial Markets AuthorityliquidationHigh CourtMargot GatlandinsolvencyNZ Financial Markets Authority
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KiwiSaver Balances Soar Past $40,000, FMA Emphasizes Governance
New Zealand's KiwiSaver scheme sees average balances exceed $40,000 for the first time, with total funds reaching $138.8 billion. The 2026 Annual Report from the FMA highlights the critical role of good governance as the scheme matures.
BusinessEconomyFinancial MarketsEmployment and LaborLegalEducation KiwiSaverFinancial Markets AuthorityRetirement SavingsInvestmentGovernanceFinancial ServicesNZ Financial Markets Authority
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FMA Outlines Regulatory Priorities and Key Findings for Financial Advisers
The FMA's latest update details regulatory priorities, insights from FAP forums, and findings on client asset protection and monitoring. It highlights areas for improvement in vulnerability support, complaints, and disclosure, while also noting good practices.
BusinessScience & TechnologyLaw EnforcementEconomyFinancial MarketsArtificial IntelligenceLegalEducation FMAFinancial AdviceRegulatory PrioritiesClient AssetsConsumer ProtectionNZ Financial Markets Authority
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FMA Review Urges Stronger Oversight for Client Asset Protection
A new FMA review highlights the need for improved oversight, governance, and reporting by financial advice and discretionary investment management providers to better protect client assets and enhance investor confidence, despite general compliance.
BusinessPolitics and GovernmentEconomyFinancial MarketsLegalGeneral Politics Financial Markets AuthorityClient AssetsFinancial AdviceInvestment ManagementRegulatory ReviewOversightNZ Financial Markets Authority
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FMA Research Identifies Key Barriers and Solutions for Māori Insurance Outcomes
New FMA research reveals current insurance systems often fail Māori, citing affordability, distrust, and unsuitable products as key barriers. The report suggests iwi-led solutions and mutual literacy to improve access and outcomes for tangata whenua.
BusinessEnvironmentEconomyFinancial MarketsSocial IssuesEducationClimate ChangeAustralasia Financial Markets AuthorityMāoriInsuranceFinancial LiteracyCultural UnderstandingPolicy ReformNZ Financial Markets Authority
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FMA Review Calls for Stronger Oversight in Add-on Insurance
A new FMA review of add-on insurance and extended warranties highlights the urgent need for insurers to improve oversight of sales and distribution channels, ensuring fair consumer outcomes and better use of performance data.
BusinessLaw EnforcementEconomyFinancial MarketsLegalSocial Issues Financial Markets AuthorityAdd-on insuranceExtended warrantiesConsumer outcomesInsurance regulationFinancial servicesNZ Financial Markets Authority
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Court Bans Peter Huljich for Seven Years Over Pushpay Insider Conduct
Peter Huljich receives a seven-year ban from financial markets participation for insider conduct related to Pushpay shares. Sarah Huljich also faced consequences, paying $50,000 for her role.
BusinessLaw EnforcementFinancial MarketsLegalEconomy Peter HuljichSarah HuljichPushpay HoldingsFMAinsider conductNZ Financial Markets Authority
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High Court Liquidates Six Chance Voight Companies After FMA Investigation
Six Chance Voight companies have been placed into liquidation by the High Court following an FMA investigation. The Court found the Rangiora-based group insolvent and operating an unsustainable business model, relying on new investor funds.
BusinessPolitics and GovernmentLaw EnforcementEconomyFinancial MarketsLegalFederal Government Chance Voight GroupFinancial Markets AuthorityLiquidationInsolvencyHigh CourtFinancial RegulationNZ Financial Markets Authority
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FMA Becomes Sole Financial Market Conduct Regulator in New Zealand
The FMA has assumed responsibility for consumer credit regulation from the Commerce Commission, becoming New Zealand's single financial market conduct regulator. This centralizes oversight, aiming for clearer rules and enhanced consumer protection, with an initial focus on lending practices and…
BusinessPolitics and GovernmentEconomyFinancial MarketsLegalState GovernmentsSocial Issues Financial Markets AuthorityFMAConsumer CreditFinancial RegulationCommerce CommissionCredit Contracts and Consumer Finance Amendment Act 2026NZ Financial Markets Authority
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FMA Unveils 2026/27 Regulatory Priorities, Expands Consumer Protection
FMA outlines 2026/27 regulatory priorities, focusing on consumer credit oversight, managing conflicts, product design, and fraud. The report highlights progress in strengthening New Zealand's financial markets and embracing innovation like AI while ensuring strong consumer protection.
BusinessLaw EnforcementScience & TechnologyEconomyBankingFinancial MarketsArtificial IntelligenceLegalEducation Financial Markets AuthorityFinancial Conduct ReportRegulatory PrioritiesConsumer CreditFinancial RegulationNZ Financial Markets Authority
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FMA Seeks Feedback on New Zealand's Custody of Client Assets Laws
The FMA is reviewing New Zealand's custody of client assets laws, seeking feedback on clarity and fitness for purpose. The discussion paper highlights concerns about the complex, fragmented regime, limited oversight, and emerging risks to investor protection.
BusinessPolitics and GovernmentEconomyBankingFinancial MarketsLegalGeneral Politics Financial Markets AuthorityCustody of AssetsFinancial RegulationInvestor ProtectionDigital AssetsRegulatory ReviewNZ Financial Markets Authority
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FMA Grants Interim Relief on Climate Reporting for Health and Life Insurers
New Zealand's FMA offers 'no action' relief to health and life insurers on climate reporting, pending legislative changes. This move aims to reduce compliance costs as the government plans to remove these entities from the CRD regime.
BusinessPolitics and GovernmentEconomyLegalGeneral PoliticsClimate Change Financial Markets AuthorityClimate ReportingHealth InsurersLife InsurersRegulatory ReliefClimate Related DisclosuresNZ Financial Markets Authority
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NZX Meets Market Operator Obligations, FMA Annual Review Finds
New Zealand's Financial Markets Authority confirmed NZX Limited effectively met its market operator obligations for 2025, citing strong governance and operational independence. The FMA made no formal recommendations, noting progress on previous advice.
BusinessPolitics and GovernmentEconomyFinancial MarketsLegalFederal Government NZXFMAFinancial Markets Authoritymarket operatorNZ RegCoannual reviewNZ Financial Markets Authority
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BNZ Fined $2.6 Million for Misleading Interest Calculation Practices
BNZ admitted misleading customers on interest calculations for non-profit accounts, breaching fair dealing rules. The bank will pay $2.6 million to the Crown and has remediated 23,103 affected customers for $5.44 million in underpaid interest.
BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityMisleading ConductInterest CalculationCustomer RemediationFinancial Markets Conduct ActNZ Financial Markets Authority
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FMA Urges Insurers to Prioritize Fair Consumer Outcomes in Sales Campaigns
The FMA has released findings on insurer sales campaigns, urging better management of incentives to prevent conflicts of interest. Insurers must adopt proactive, outcomes-focused approaches to ensure fair treatment of consumers under the CoFI regime.
BusinessLaw EnforcementFinancial MarketsLegalSocial Issues FMAInsurersConsumer ProtectionSales CampaignsConflicts of InterestConduct of Financial Institutions (CoFI)Financial AdvisersNZ Financial Markets Authority
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FMA Urges Insurers to Prioritize Fair Consumer Outcomes in Sales Campaigns
The FMA has released findings on insurer sales campaigns, urging proactive management of incentives to prevent conflicts of interest and ensure fair consumer outcomes under the CoFI regime in New Zealand.
BusinessPolitics and GovernmentFinancial MarketsLegalGeneral Politics Financial Markets AuthorityInsurersConsumer ProtectionSales CampaignsConflicts of InterestConduct of Financial InstitutionsNZ Financial Markets Authority
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FMA Files 61 Mortgage Fraud Charges Against Six Individuals
New Zealand's Financial Markets Authority has filed 61 charges against six individuals in Manukau District Court, alleging mortgage fraud under various acts. The FMA aims to deter similar conduct and uphold trust in the lending system.
BusinessLaw EnforcementLegalBankingFinancial MarketsEconomy Financial Markets AuthorityMortgage FraudManukau District CourtFinancial CrimeLegal ProceedingsCrimes Act 1961NZ Financial Markets Authority
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FMA Prepares to Assume Consumer Credit Regulation in New Zealand
New Zealand's FMA will take over consumer credit regulation from the Commerce Commission on July 1, 2026, following a new Bill's third reading. This aims for a streamlined, coordinated approach with a new licensing regime for lenders.
BusinessPolitics and GovernmentLaw EnforcementEconomyLegalFinancial MarketsFederal GovernmentSocial Issues Financial Markets AuthorityConsumer CreditRegulatory ResponsibilityCredit Contracts and Consumer Finance ActLendingFinancial ServicesNZ 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