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.

Validus and its associated persons

FMA issued a permanent stop order against Validus after its failed High Court appeal for misleading offers of non existent financial products.

Tiger Brokers (NZ) Limited

Tiger Brokers NZ was penalised for systemic breaches of the AML CFT Act including due diligence failures record keeping failures and missed reporting duties

Aurora Financial Group Limited

Details about the FMA case against Aurora Financial Group Limited can be found on this page.

Vanguard

FMA formally warned Vanguard Investments Australia for failing to lodge required notice of ASIC action under the FMC Regulations in New Zealand.

Cigna Life Insurance New Zealand Limited

Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the FMA. This page documents the timeline of enforcement activity.

The Property Crowd

FMA has suspended the crowdfunding provider licence of The Property Crowd after the entity materially contravened its licensee obligations.

E+O Property Syndication Limited

Formal warning issued to E+O Property Syndication Limited following concerns about disclosures to investors.

Jasper NZ Investments Limited

Formal warning issued to Jasper NZ Investments Limited following concerns about disclosures to investors.

Provincia Property Fund Limited

The FMA warned Provincia Property Fund Limited for failing to give required disclosures due to incomplete eligible investor certificates

Williams Corporation Capital Partnership GP Limited

FMA warns Williams Corporation Capital Partnership GP Limited for incomplete eligible investor certificates and incorrect use of the wholesale investor exclusion.

Wolfbrook Capital Limited

Formal warning issued to Wolfbrook Capital Limited following concerns about disclosures to investors.

AIA

The Auckland High Court ordered life insurer AIA to pay a pecuniary penalty of $700,000 for making false and/or misleading representations to some customers.

Alliant Perpetual

FMA issued an infringement notice to Alliant for failing to file financial statements by their due date.

Kalkine

FMA directed Kalkine New Zealand Limited to stop making outgoing sales calls to people in New Zealand following concerns about the entity’s misleading marketing conduct.

Western Union Business Solutions (Australia) Pty Ltd

FMA censures Western Union Business Solutions Australia for material breaches of derivatives issuer licence net tangible asset requirements.

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