Page last updated: 09 September 2024

Media releases

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Pump and dump scam nets Kiwi investors

Pump and dump scam targets Kiwi investors via deepfake ads and fake chat groups, warns FMA during World Investor Week.

IAG to make pecuniary penalty payment of $19.5 million for widespread failures

IAG NZ fined $19.5M for misleading insurance practices, affecting 269K customers. FMA highlights systemic failures.

Former financial adviser sentenced for “gross breach of trust”

Murray McClune jailed for theft from elderly clients; banned from financial services under FMCA after FMA investigation.

Companies encouraged to do more to help customers complain

FMA urges financial firms to improve complaints processes, making them accessible, fair, and transparent for NZ consumers.

FMA opens consultation on ethical investment disclosure guidance

FMA seeks feedback on draft ethical investing disclosure guidance for NZ funds, aiming to prevent greenwashing and improve investor trust.

Court case provides clarity around wholesale investor rules

FMA welcomes High Court ruling clarifying eligible investor rules for wholesale offers, boosting confidence in NZ financial markets.

Clients and subscribers of former NZ financial adviser warned to check bank statements

FMA warns clients of David McEwen to check bank statements for unauthorised charges linked to past financial advice and subscriptions.

KiwiSaver Annual Report 2025 shows scheme resilience amidst tough economic times

KiwiSaver Annual Report 2025 shows 10% growth to $123B, resilience in tough times, and rising concern over non-contributing members.

ANZ admits to making misleading statements and makes payment of $3.25 million

ANZ admits misleading conduct, pays $3.25M after FMA investigation into overdraft fees and mortgage incentive breaches.

Financial markets regulator seeks feedback on tokenisation

FMA seeks feedback on tokenisation's impact on NZ financial markets, innovation, regulation, and consumer protection.

FMA cancels Les Vela FAP licence and directs de-registration of financial adviser 

FMA cancels Les Vela’s FAP licence and de-registers adviser Le Zhou over fraudulent insurance applications totalling $260,937.

Surge of impersonator social media investment scams prompts FMA warning updates

FMA warns of deepfake investment scams on Meta platforms impersonating NZ leaders. Stay alert and report suspicious ads.

FMA warns Kiwibank for overcharging customers

FMA warns Kiwibank for overcharging 8,663 joint account customers, breaching FMC Act with misleading fee representations.

Southern Cross Travel Insurance admits to making misleading statements and pays more than $1million

Southern Cross Travel Insurance admits liability for misleading discount claims and pays $1.1M under enforceable undertaking to FMA.

Insurance companies have improved their processes but more to do in extreme events

FMA urges insurers to improve claims processes after Auckland floods & Cyclone Gabrielle under new CoFI regime.

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