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.

Kiwibank

FMA action against Kiwibank over fee waiver overcharging and misleading representations with remediation, warning and civil penalty outcomes.

Southern Cross Travel Insurance

FMA action against Southern Cross Travel Insurance for misleading discount statements, with admitted liability and a $1.105m payment to the Crown.

Pharmazen

FMA infringement notice to Pharmazen for late audited financial statements filing, including repeated delays and a $7,500 infringement fee.

Jesse Joseph Vaughan

FMA public warning over Jesse Joseph Vaughan and Crypto Partners offering an unlicensed managed investment scheme without required disclosure.

Pushpay shares

FMA insider conduct case over Pushpay shares linked to Eliot Crowther sell down resulted in conviction, sentencing and appeal decisions.

Westpac

FMA action against Westpac over misleading discount representations and fee overcharging, with remediation, enforceable undertakings and a $3.25m penalty.

Kok Ding Cheng

FMA civil proceeding found Kok Ding Cheng liable for market manipulation in Rua Bioscience RUA shares with a $198,000 penalty ordered.

Prem Gounder

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

Kevin Young

FMA prosecution of Kevin Young for insider trading in Heartland Group Holdings shares with guilty plea, home detention and a fine imposed.

Allan Facey

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

Pathfinder

FMA censured Pathfinder for misleading KiwiSaver ethical investment claims about animal testing and fossil fuels across ads and its website.

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

FMA warning and civil proceedings against InvestNow for AML CFT failures in due diligence, verification and monitoring with remediation required.

ASB Bank

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

AA Insurance Limited (AAI)

FMA case against AA Insurance for misleading discount practices and customer overcharging leading to High Court penalty and system failures

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