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.

Allan Facey

The FMA has issued a public warning to Mr Allan Facey, a Sydney-based auditor, regarding his conduct as the Engagement Quality Control Reviewer (EQR) for the audit of Alliant Perpetual.

Pathfinder

The FMA censured Pathfinder Asset Management (Pathfinder) under the Financial Markets Conduct Act 2013 (FMCA).

Sam Danieli

The FMA cancelled the New Zealand licence of Sydney based auditor, Mr Sam Danieli, to carry out FMC audits in New Zealand.

InvestNow Saving and Investment Service Limited

The FMA has issued a formal warning to InvestNow Saving and Investment Service Limited for failing to comply with the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.

ASB Bank

The FMA has filed civil proceedings against ASB Bank Limited for allegedly making false or misleading representations.

AA Insurance Limited (AAI)

AA Insurance New Zealand Limited (AAI) has been ordered to pay a penalty of $6.175 million for failing to apply multi-policy and membership discounts, as well as guaranteed no claims bonuses. View the case history on this page.

Insider trading case involving Heartland Group Holding Limited shares

The FMA alleges the individual traded, and encouraged others to trade or hold, HGH shares on several occasions between July 2020 and February 2021

Rockfort Markets

View the history of the case relating to the FMA cancelling the Rockfort Markets Derivative Issuer licence along with the Judgment issued by the Court of Appeal.

Integrity Advisers Insurance Limited

The FMA has cancelled Integrity Advisers Insurance Limited’s (Integrity) Financial Advice Provider (FAP) licence for engaging in serious misconduct.

EC Markets previously known as CTRL

The FMA has censured EC Markets Financial Limited (trading as EC Markets), previously known as CTRL Investments Limited for breaching the obligations of its Derivatives Issuer licence.

Oceania Natural Limited (ONL) and associated individuals

Auckland High Court issues Judgment against Wei (Walker) Zhong and Lei (Regina) Ding. View the history of the case on this page.

deVere

The FMA has censured Auckland-based financial services firm deVere New Zealand Limited (deVere) for failing to comply with obligations under its Financial Advice Provider licence.

Vero

FMA filed High Court proceedings against Vero Insurance New Zealand Limited for failing to apply multi-policy discounts, which led to affected customers being overcharged approximately $8.7 million in premiums.

Matthew Hill

The FMA accused Matthew Geoffrey Hill, the former Chief Executive Officer of NZX-listed New Talisman Gold Mines Limited, of alleged information-based market manipulation, and making false and misleading representations. View the case timeline on this page.

Rangi Wyatt Stephen Savage

FMA filed civil proceedings against Rangi Wyatt Stephen Savage for making an unregulated public offer for the sale of shares in The Powder Shed Tokoroa Limited (Powder Shed).

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Enforcement Activity