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

The FMA has made a permanent stop order that applies to Validus International LLC, Validus-FZCO, and associated persons of Validus, using the FMA’s powers under the Financial Markets Conduct Act 2013.

Tiger Brokers (NZ) Limited

The Auckland High Court has ordered Tiger Brokers (NZ) Limited to pay $900,000 for breaching the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009, in proceedings brought by the FMA.

Aurora Financial Group Limited

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

Vanguard

FMA has issued a formal warning to Vanguard, for failing to lodge a required notice on the New Zealand Companies Office Disclose Register.

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.

Jasper NZ Investments Limited

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

Provincia Property Fund Limited

Formal warning issued to Provincia Property Fund Limited following concerns about disclosures to investors.

E+O Property Syndication Limited

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

Wolfbrook Capital Limited

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

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.

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.

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.

Alliant Perpetual

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

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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