Les Vela

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has cancelled Les Vela Limited’s (trading as Wise Insurance) financial advice provider (FAP) licence. It has also directed the Registrar of Financial Service Providers to de-register financial adviser and Les Vela Limited’s sole director and shareholder, Le Zhou (also known as Eric), from the financial services providers register (FSPR), and prevent his re-registration for five years.

Timeline

August 2025

Following notification from the impacted insurer, the FMA investigated 15 insurance policy applications submitted by Mr Zhou on behalf of 27 non-existent individuals, resulting in commissions paid to Mr Zhou totalling $260,937. 

The FMA cancelled Les Vela Limited’s (trading as Wise Insurance) financial advice provider (FAP) licence. It also directed the Registrar of Financial Service Providers to de-register financial adviser and Les Vela Limited’s sole director and shareholder, Mr Le Zhou from the FSPR, and prevent his re-registration for five years. 

In addition to notifying the FMA, financial service providers are able to report concerning financial adviser conduct to the Police given such conduct may constitute a criminal offence. In this case, Police arrested and charged Le Zhou in July 2025.

• Related media release: FMA cancels Les Vela FAP licence and directs de-registration of financial adviser