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.

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.

Validus and its associated persons

FMA issued a permanent stop order against Validus after its failed High Court appeal for misleading offers of non existent financial products.

Tiger Brokers (NZ) Limited

Tiger Brokers NZ was penalised for systemic breaches of the AML CFT Act including due diligence failures record keeping failures and missed reporting duties

Aurora Financial Group Limited

FMA censure of Aurora Financial for misleading KiwiSaver returns, using historical underlying fund figures that implied Aurora funds had a track record.

Vanguard

FMA formally warned Vanguard Investments Australia for failing to lodge required notice of ASIC action under the FMC Regulations in New Zealand.

Cigna Life Insurance New Zealand Limited

FMA case involving Cigna Life for FMC Act fair dealing breaches over inflation adjustments, resulting in Wellington High Court penalties.

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

The FMA warned Provincia Property Fund Limited for failing to give required disclosures due to incomplete eligible investor certificates

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.

Wolfbrook Capital Limited

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

E+O Property Syndication Limited

FMA formal warning to E+O Property Syndication Limited for FMCA disclosure issues linked to incomplete eligible investor certificates.

AIA

FMA case against AIA for misleading policy representations and system failures resulting in customer overcharging and High Court penalty

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 action against Alliant Perpetual for failure to file financial statements on time highlighting reporting breaches and compliance failures

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