PREVIOUSLY NAMED: General Equity Building Society
ADDRESS: Level 4, General Equity House, 17 Albert Street, Auckland 1010, New Zealand.
REASON FOR WARNING: Misleading and deceptive statements.
OTHER INFORMATION: We warn any persons to exercise extreme caution before obtaining any financial services or acquiring any financial products from General Equity. In particular, we warn those persons to take into account that:
TO: General Equity, Level 4, General Equity House, 17 Albert Street, Auckland 1010, New Zealand.
AND TO: all associated persons of General Equity (including any associated person that may be incorporated or formed after the date of this Order)
We make the following Order under section 49(1) of the Financial Markets Authority Act 2011 against General Equity and associated persons of General Equity:
1. Any website operated by or on behalf of General Equity and each associated person of General Equity must contain, on the main page of the website, a warning statement in the form attached as Annexure A to this Order (Warning Statement). 2. The Warning Statement is required to be displayed:
(a) Prominently; (b) In black font no smaller than the font contained in Annexure A to this Order; and (c) In the same layout as the layout used in Annexure A to this Order.
3. General Equity must provide a copy of this order to each associated person of General Equity. 4. In this Order, pursuant to section 49(7)(d) of the Financial Markets Authority Act 2011, associated person has the same meaning as section 6(1) of the Financial Markets Conduct Act 2013, with the full meaning being set out in section 12 of that Act.
Note that a person who contravenes an Order made by us under Section 49 of the Financial Markets Authority Act 2011 commits an offence and is liable on summary conviction to a fine not exceeding $300,000.
This Order is made subject to any further Orders by us.
REASONS FOR MAKING THE ORDER: Following issue of the warning about General Equity we made an Order under section 49(1) of the Financial Markets Authority Act 2011 against General Equity and associated persons of General Equity, requiring them to prominently disclose a copy of the warning on 1 or more Internet sites maintained by or on behalf of the those persons (a warning disclosure order). We made the warning disclosure order for the following reasons: