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.

Natalie Ann Carter

Between 2018 and 2020, former financial adviser, Ms Carter created various false documents for the purpose of obtaining home loans for herself and two clients.This page documents the case against Ms Carter.

Tower Limited

FMA filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million* in overcharges.

Wisdom House Investment Partners Limited

FMA filed criminal charges against Yuen Pok (Paul) Loo of Wisdom House following offences under financial markets legislation. View the history and progress of the case on this page.

Medical Assurance Society New Zealand Limited (MAS)

Details of the case filed in the High Court against Medical Assurance Society New Zealand Limited (MAS) can be found on this page.

Barry Kloogh (Financial Planning Limited and Impact Enterprises Limited)

Dunedin-based financial adviser Barry Kloogh and Impact Enterprises Ltd were offering brokering services to clients although they were no registered to offer broking services.

Enprise Group Limited

FMA issues a formal warning to Enprise Group Limited (Enprise), for failing to keep proper accounting records.

Forestlands and director Rowan Charles Kearns

Rowan Kearns, the founder and sole director of the Forestlands group of companies, was sentenced yesterday to four months’ community detention and 100 hours’ community work with a 9pm – 7am curfew.

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.

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