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.

Insider trading case involving Heartland Group Holding Limited shares

FMA criminal proceeding over alleged insider trading in Heartland Group Holdings HGH shares with guilty plea and home detention sentence.

Rockfort Markets

FMA cancelled Rockfort Markets derivatives issuer licence for material breaches, with the High Court upholding the decision and the appeal discontinued.

Integrity Advisers Insurance Limited

FMA cancelled Integrity Advisers Insurance Limited FAP licence for serious misconduct affecting insurance cancellation clients.

EC Markets previously known as CTRL

FMA censure of EC Markets previously CTRL for Derivatives Issuer licence breaches, including NTA shortfalls and late assurance and NTA reporting.

Oceania Natural Limited (ONL) and associated individuals

FMA proceedings over trading in Oceania Natural ONL shares led to High Court findings, penalties and nine year bans for senior executives.

deVere

FMA censure of deVere New Zealand for Financial Advice Provider licence breaches involving record keeping, suitability and client understanding.

Vero

FMA action against Vero for multi policy discount failures led to High Court proceedings and a $3.9m penalty with customer remediation.

Matthew Hill

FMA case against Matthew Geoffrey Hill over undisclosed Sharetrader posts about New Talisman Gold with a $100,000 penalty for misleading statements.

Rangi Wyatt Stephen Savage

FMA civil proceedings against Rangi Wyatt Stephen Savage over Powder Shed share offers without a PDS ended with compensation and a pecuniary penalty.

Natalie Ann Carter

FMA prosecution of Natalie Ann Carter over forged home loan documents and misleading the regulator, ending in home detention and five year bans.

Wisdom House Investment Partners Limited

FMA charges Yuen Pok Paul Loo for forgery unregistered financial services and breaching stop orders involving Wisdom House Investment Partners.

Medical Assurance Society New Zealand Limited (MAS)

FMA action against MAS over premium discount and inflation errors plus benefit underpayments with remediation and a $2.1m penalty ordered.

Barry Kloogh (Financial Planning Limited and Impact Enterprises Limited)

FMA case involving Barry Kloogh and related companies, with SFO investigation, liquidation and an FMA lessons learned report.

Enprise Group Limited

FMA warning to Enprise Group Limited for inadequate accounting records supporting 2022 financial statements under FMC Act s455.

Forestlands and director Rowan Charles Kearns

FMA case on Forestlands director Rowan Kearns for disclosure and financial reporting failures, leading to guilty pleas and sentencing.

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