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Media releases – 2014

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Interim liquidators appointed to Barry Kloogh’s companies

The FMA has confirmed interim liquidators have been appointed to Financial Planning Limited (FPL) and Impact Enterprises Limited (IEL).

FMA comments on Ross Asset Management investor proceedings

The Financial Markets Authority (FMA) said today’s filing of proceedings on behalf of eligible investors in Ross Asset Management marked the end of a long battle to enable the FMA to engage with investors so they could determine whether to bring a claim against ANZ.

Warning: MBI International/MFC Club

The FMA has issued a further warning to investors about a Malaysian-based loyalty scheme, MBI International, also trading as MFC Club (MFC Club).

FMA annual review of NZX published

The Financial Markets Authority (FMA) has published its annual review of whether NZX met its statutory obligations as a licensed market operator.

Banks commit to removing sales incentives for frontline staff

FMA Chief Executive Rob Everett and Reserve Bank Governor Adrian Orr said all banks had now committed to remove sales incentives for frontline staff and their managers. Read more.

FMA's fifth statistical report on AFAs in NZ

The Financial Markets Authority’s annual snapshot of Authorised Financial Advisers shows 140 advisers became AFAs in the year to the end of June 2018. That’s the highest number of new AFAs in the three years the FMA has broken down advisers being authorised and those whose authorisation lapses.

Kiwis take longer to choose a movie than check KiwiSaver

A recent survey of 1100 New Zealanders for the Financial Markets Authority (FMA) found four out of five people took up to 10 minutes to choose a movie, but just over half of those questioned spent the same time reading their KiwiSaver annual statement. Read more.

Morgan DeVere fined $40,000 in first FMA case of company abuse of the FSPR

Morgan DeVere Corporate Finance Limited (Morgan DeVere) has been fined $40,000 following its conviction at the Wellington District Court on two charges of breaching the Financial Services Providers (Registration and Dispute Resolution) Act 2008 (FSP Act). Read more.

FMA research highlights gap between what investors expect and what auditors deliver

An FMA research project with investors, directors, managers and auditors has identified reasonable levels of confidence in audit quality, but also a serious gap in the expectations of investors and what auditors are delivering. The FMA commissioned the research to better understand public and industry perceptions of audit quality in New Zealand.

10 formal AML/CFT warnings issued by FMA

The Financial Markets Authority (FMA) has issued formal warnings to 10 reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). Read more.

Company convicted for abuse of the FSPR

Morgan DeVere Corporate Finance Limited (Morgan DeVere) has been convicted at the Wellington District Court on two counts of breaching the Financial Services Providers Act 2008 (FSP Act) for falsely claiming it was registered on the Financial Services Providers Register (FSPR). A copy of the judgment can be found here. Read more.

Director sentenced to community service for abuse of FSPR

A New Zealand-based director of Morgan DeVere Corporate Finance Limited has been sentenced to 75 hours of community service for breaching the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Read more.

FMA files civil proceedings over trading in Oceania Natural

The FMA has issued civil proceedings in the High Court against four individuals in relation to trading in Oceania Natural Limited. The proceedings relate to alleged breaches of market manipulation prohibitions and the disclosure obligations in the Financial Markets Conduct Act 2013. Read more.

Statement on ANZ v FMA Supreme Court judgment

The FMA is pleased with the Supreme Court decision in the matter between ANZ and the FMA. Read more.

Former CFO to pay $150,000, barred for Securities Markets Act breaches

Mr Talbot has admitted to insider trading conduct and entered a guilty plea on a representative charge for a breach of disclosure obligations at Auckland High Court last month. Read more

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Media releases – 2014