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.

David McEwen

Former financial advisor David McEwen has been convicted of four charges of breaching an FMA Stop Order.

Chance Voight

FMA investigates Chance Voight and appoints PwC interim liquidators. Learn key updates on asset preservation.

Booster Investment Management Limited

The FMA filed civil proceedings against Booster Investment Management Limited (BIML), a wholly owned subsidiary of Booster Financial Services Limited.

FMG

FMG admits to fair dealing breaches and agrees to pay 2.1 million in an enforceable undertaking after misleading statements to customers

Aioi Nissay Dowa Insurance

FMA warns Aioi Nissay Dowa Insurance for failing to apply advertised discounts to customers buying motor vehicle insurance policies in New Zealand.

Opes

Opes Group censured by the FMA for inadequate record keeping poor conflict management and failures under its financial advice provider licence

Franco Belgiorno-Nettis

Financial Markets Authority files High Court case against Franco Belgiorno-Nettis for alleged NZX market manipulation of STU shares

Tower Limited

Tower Limited faces civil proceedings for misleading multi policy discount representations affecting thousands of customers and significant overcharges.

HGL

FMA cancels Hope Group Limited FAP licence after serious compliance failings including deregistration of HGL and Mr Wang and referral to Police.

Murray McClune

Former adviser Murray McClune pleads guilty to theft of $1.7M from elderly clients, following FMA investigation. Case proceeded as Crown prosecution after initial jury trial election.

IAG

FMA has filed a civil proceeding against insurer IAG New Zealand Limited (IAG) for fair dealing breaches in relation to its insurance products. Read the background of the case on this page.

ANZ Bank New Zealand Limited

FMA filed proceedings against ANZ for false and misleading representations over credit card insurance charges.

Les Vela

FMA cancels Wise Insurance's FAP licence after fake policy scam, director Le Zhou charged over $260K commission fraud.

Du Val

The FMA has warned Du Val Capital Partners Limited (DVCP), the general partner of the Du Val Mortgage Fund Limited Partnership (Du Val Mortgage Fund, MFLP, the Fund) and Du Val Group. See all enforcement activity relating to Du Val on this page

Kiwibank

The FMA filed High Court civil proceedings against Kiwibank for making false and/or misleading representations, under the fair dealing provisions of the Financial Markets Conduct Act (FMC Act). Read the case timeline on this page.

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