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.

Chance Voight

FMA investigation into Chance Voight entities with interim liquidation and asset preservation orders, plus upcoming Christchurch High Court hearings.

Saanvi 2022 Limited (trading as Saaga Mortgages)

FMA cancelled Saanvi 2022 Limited’s FAP licence after altered loan documents, undisclosed referral payments and client data 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

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.

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.

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.

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

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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