Page last updated: 11 August 2023

Enforcement Activity

In the event of a breach of financial markets legislation, we may intervene on an informal basis or at a low level where such action is proportionate to the misconduct and will achieve an appropriate market outcome. However, where appropriate, we will take strong action and hold individuals and entities accountable when they break the law and fail to meet the standards that are expected of them. If harm has been identified, we may also take regulatory action of some sort even though no ‘rules’ appear to have been broken.

Our enforcement activity can be viewed on this page.

CBL

FMA civil proceedings against CBL and officers over disclosure breaches linked to the 2015 IPO and 2018 collapse with multiple penalties.

Saanvi 2022 Limited (trading as Saaga Mortgages)

FMA cancelled Saanvi 2022 Limited Saaga Mortgages FAP licence after altered loan documents, undisclosed referrals and privacy concerns.

David McEwen

FMA case involving David McEwen with a permanent stop order, criminal charges and conviction, and a seven year banning order in New Zealand.

Booster Investment Management Limited

FMA civil proceeding against Booster Investment Management for alleged FMC Act breaches in related party wine investments affecting Booster Schemes.

FMG Insurance Limited and Farmers' Mutual Group (FMG)

FMA case where FMG admitted fair dealing breaches in February 2026, remediated customers and paid $2.1m under an enforceable undertaking.

Aioi Nissay Dowa Insurance

FMA warning on Aioi Nissay Dowa Insurance for not applying advertised motor policy discounts, overcharging NZ customers for years.

Opes

FMA censured Opes Group Holding Company for FAP licence failures in record keeping, conflicts management, adviser oversight and client understanding.

Tower Limited

FMA action against Tower over misleading multi policy discount claims and overcharges, with remediation and a $7m court penalty.

Franco Belgiorno-Nettis

FMA civil proceedings allege Franco Belgiorno Nettis manipulated NZX listed Steel and Tube STU share prices through trading orders.

HGL

FMA cancelled Hope Group Limited HGL financial advice provider licence for personal risk insurance advice with deregistration and Police report.

IAG

FMA civil proceeding against IAG New Zealand for fair dealing breaches over insurance pricing and discounts with a $19.5m penalty imposed.

Murray McClune

FMA investigation into Murray McClune led to guilty pleas for theft from elderly clients, prison sentence and a permanent ban from advice roles.

ANZ Bank New Zealand Limited

FMA and Commerce Commission actions against ANZ Bank NZ for misleading conduct and fair dealing breaches, with penalties and undertakings.

Les Vela

FMA cancelled Les Vela Limited Wise Insurance FAP licence and directed Le Zhou be deregistered from the FSPR for five years.

Du Val

FMA action on Du Val over wholesale property investment promotions, with direction order upheld, interim receivership and statutory management.

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