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Media releases – 2012

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New era of professionalism for financial advisers

From Friday 1 July, financial advisers will be regulated under new rules administered by the Financial Markets Authority (FMA).

Warning: FMA warns SuperLife in relation to KiwiSaver sales practices

The Financial Markets Authority has issued a warning to SuperLife Limited and SuperLife Trustees Limited (together 'SuperLife') to overhaul its KiwiSaver sales practices.

Statement on Hubbard Investigation

The Financial Markets Authority (FMA) and the Serious Fraud Office (SFO) have worked together closely throughout this investigation. The evidence on which the charges laid by the SFO today are based could also give rise to charges by FMA under section 59 of the Securities Act.

FMA withdraws civil proceedings against Insured Group

A notice of discontinuance of civil proceedings was filed in the High Court, and FMA and Insured Group have prepared an agreed statement, which accompanies this release. Read more.

FMA issues interim order against GFNZ Group

The Financial Markets Authority has made an interim order to stop allotment of securities by GFNZ Group Limited (formerly known as Geneva Finance Limited).

FMA welcomes discussion document on funding

The Financial Markets Authority has welcomed the Government's release of a discussion document on third party funding options for financial regulation.

FMA warns of unacceptable KiwiSaver sales practices

The Financial Markets Authority is urging investors to be wary of unacceptable sales practices being used in selling some KiwiSaver schemes.

Incomplete Applications Slow AFA Approvals

Up to 700 financial advisers may have to stop giving advice on KiwiSaver, managed funds and other investment products on 1 July because they haven't completed the qualifications needed to be an Authorised Financial Adviser (AFA).

Relief from Disclosure of Changes to KiwiSaver

Changes to KiwiSaver in today's Budget Bill may be material to decisions about whether to invest in a KiwiSaver scheme.

Statement on Whimp Decision

The Court has confirmed that the 'deferred payment' offers made by Mr Bernard Whimp and associated entities were misleading. FMA accepts the Court's decision. Read more.

FMA Orders Whimp to Disclose Warning

The FMA has ordered Mr Bernard Whimp and associated persons to include a warning from FMA at the beginning of any unsolicited offer they may make. Read more.

Warning: Think Before Signing Away 'Mum and Dad' Investor Rights

The Financial Markets Authority is warning investors against being classified as wholesale investors and losing retail 'mum and dad' investor rights and protections.

FMA Issues Whimp Warning

The Financial Markets Authority (FMA) has today issued a warning about unsolicited offers that may be made by Mr Bernard Whimp and entities associated with him.

Financial Markets Authority Aims to Restore Investor Confidence

Restoring investor confidence in New Zealand's financial markets is the major goal of the new Financial Markets Authority which was formally established today.

Disciplinary Committee Ready to Conduct Financial Adviser Disciplinary Proceedings

Departing Commissioner for Financial Advisers, David Mayhew, has completed his final statutory role as Chair of the Financial Advisers Disciplinary Committee chairing its first meeting, where the committee approved its rules and procedures for operation.

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Media releases – 2012