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.

Du Val

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

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.

Southern Cross Travel Insurance

Southern Cross Travel Insurance admitted liability for misleading discount statements and paid more than one million dollars to the Crown

Pharmazen

Pharmazen fined $7,500 by FMA for failing to file 2024 financials on time, breaching FMC Act section 461H requirements.

Jesse Joseph Vaughan

Jesse Joseph Vaughan & Crypto Partners Ltd offered unlicensed investment schemes, breaching NZ’s Financial Markets Act.

Pushpay shares

An individual was found guilty of insider conduct involving Pushpay shares linked to Eliot Crowther resignation and subsequent court appeals

Westpac

Westpac misled customers entitled to advertised discounts resulting in overcharges and penalties after failing to correctly apply fee discounts.

Kok Ding Cheng

Kok Ding Cheng fined $198,000 for trade-based market manipulation of Rua Bioscience shares, breaching FMC Act section 265.

Prem Gounder

FMA alleges former adviser Prem Gounder submitted a false gifting certificate in support of a clients home loan application

Kevin Young

Kevin Young, a former accountant with Heartland Bank Limited, pleaded guilty to insider trading charges brought against him by the FMA.

Allan Facey

FMA warning against Allan Facey for audit review failures and lack of sufficient evidence supporting auditor judgments and conclusions

Pathfinder

The FMA censured Pathfinder for misleading ethical investment claims about animal testing and fossil fuels in its KiwiSaver advertising

Sam Danieli

The FMA cancelled auditor Sam Danieli licence for multiple failures in the Alliant Perpetual audit including lack of evidence and scepticism

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

FMA civil proceeding against ASB Bank for alleged misleading representations on insurance discounts and Fastnet fee exemptions affecting customers.

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