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Media releases – 2013

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Finance company legal adviser found guilty of fraud

Hugh Edward Staples Hamilton (62) has been found guilty at the Auckland High Court of 14 charges arising out of the collapse of Belgrave Finance Limited. Read more.

Cultural shift in financial services underway as once-in-a-generation Financial Markets Conduct Act takes effect

The Chief Executive of the Financial Markets Authority, Rob Everett, says a long-term cultural shift – for the better – is underway in New Zealand financial services as the new Financial Markets Conduct Act 2013 takes effect.

Survey shows investors look forward to easy-to-follow IPO offer documents

A New Zealand investor survey conducted on behalf of the Financial Markets Authority and NZX shows there is good support for companies making initial public offerings (IPOs) among those who have invested in recent IPOs.

Investors better informed about low ball offers

FMA says in a report that new regulations are assisting investors to make better informed decisions about unsolicited or low ball offers. The report also acknowledges that companies whose investors have been targeted have contributed to investors being better informed.

FMA files criminal charges following investigation into Viaduct and Mutual

The Financial Markets Authority has filed charges under the Crimes Act and under the Companies Act against directors and another of Viaduct Capital Limited (in receivership) and Ex-MFL Limited (in Receivership) (formerly Mutual Finance Limited).

Bridgecorp settlement

The FMA has consented to an $18.9 million settlement between the receiver of Bridgecorp, the Bridgecorp directors, and their liability insurers. FMA has agreed to end its own civil proceedings against the Bridgecorp directors once the settlement sum has been paid. Read more.

Contributory mortgage broker pleads guilty

Prudential Mortgage Limited, a contributory mortgage broking firm, has been convicted and fined $2,000 for failing to deliver its annual report to the Registrar of Companies by 30 June 2013. Prudential pleaded guilty to the charge laid by the FMA. Read more.

Settlement reached for Lombard (In Receivership) claims

PwC, the Receivers of Lombard Finance & Investments Limited, have announced they have reached a settlement agreement with the Lombard Directors and a third party. Read more.

Charges laid against contributory mortgage brokers

The Financial Markets Authority (FMA) has charged two contributory mortgage brokers (Prudential Mortgage Limited and First Mortgage Investments Limited) with failing to deliver annual reports. Read more.

FMA guidance helps consumers access financial advice

The Financial Markets Authority has released guidance documents to help financial advisers give high-quality personalised advice.

FMA releases audit quality report

The Financial Markets Authority (FMA) says its first audit quality review shows there is work to be done to meet the required standards.

FMA releases stakeholder feedback report

The Financial Markets Authority (FMA) has released the findings of the 2013 FMA stakeholder feedback report.

FMA announces new Chief Executive

The Financial Markets Authority (FMA) has appointed Rob Everett as its new Chief Executive, effective 3 February 2014.

David Ross sentenced for New Zealand’s largest ever Ponzi

David Robert Gilmour Ross (63) has been sentenced in the Wellington District Court to 10 years and 10 months of imprisonment following a joint agency investigation by the SFO and the FMA. Read more.

Charges laid against directors of OPI Pacific Finance

FMA has laid charges against four directors of OPI Pacific Finance Limited (in receivership and in liquidation). Read more.

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Media releases – 2013