Page last updated: 01 March 2022

Enforcing the law

The FMA identifies and deals with market conduct that poses a risk to investors or customers. It is a critical part of our work. The purpose of enforcement is to hold to account anyone that breaches their legal obligations, and to deter others from engaging in misconduct. This page explains our enforcement policy and provides details of our enforcement activity.

Enforcment activity


FMA's enforcement policy

Our enforcement policy is intended to guide and inform financial market participants. It is also intended to be a living policy and we may revise it from time to time according to what our objectives and priorities are. It is not exhaustive and is not binding.

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Policy documents

Model litigant policy

This policy is a statement of principles and embodies the commitment made by FMA on how we will conduct litigation.

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Regulatory response guidelines

How the FMA regulates market conduct that contravenes the legislation that we enforce. 

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Co-operation policy

FMA often receives the co-operation of entities, individuals or other regulators when we investigate financial market misconduct.

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Enforcement activity

PTT Limited, Steven Robertson and related parties
Four companies were placed in liquidation over breach of financial markets legislation and case filed under Crimes act against Steven Robertson with t
FMA has referred some matters to the Serious Fraud Office and will continue to complete its inquiries in relation to financial markets issues. See lat
Rodney McCall and Morgan Cooper Limited
The FMA alleges Mr McCall contacted people and convinced them to ‘invest’ by transferring money into bank accounts he controlled. After incorporat
Pegasus Markets Limited and Director Michael Reps
The FMA alleges Pegasus Markets Limited continued to hold out on two different websites that it was registered on the FSPR after it had been deregiste
Barry Kloogh (Financial Planning Limited and Impacted Enterprises Limited)
Mr Kloogh was offering brokering services to clients through the first defendant, Financial Planning Ltd, and the second defendant, Impact Enterprises
Westpac - Enforceable undertaking
Westpac accepted that it may have contravened fair dealing provisions of the Financial Markets Conduct Act (FMCA) and/or possible breaches relating to