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Media releases – 2014

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FMA warns registered financial adviser

FMA has issued a warning to an individual in relation to suspected misleading or deceptive conduct by a registered financial adviser.

Work to do on corporate governance disclosure, FMA finds

The FMA has completed a review of corporate governance disclosures by 45 companies, listed and unlisted. Good corporate governance is one of the FMA’s strategic priorities because it is an important contributor to transparency and efficiency in capital markets. In 2014 the FMA published a Corporate Governance Handbook comprising nine corporate governance principles.

FMA releases conduct guide for feedback

FMA has released a guide to how it will examine whether financial services providers are demonstrating good conduct under the Financial Markets Conduct Act (FMC Act).

FMA discontinues proceedings against Archer and HIL

The Financial Markets Authority (FMA) has elected to discontinue the proceeding against Archer Capital (Pty) Limited (Archer) and Healthcare Industry Limited (HIL). The defendants, Archer and HIL, have accepted that the FMA was justified in investigating the conduct that is the subject of this claim. Read more.

FMCA licensing hits the home straight

The deadline is looming for fund managers to get licensed under the Financial Markets Conduct Act (FMCA) and the Financial Markets Authority is putting out the final call to those that want to stay in the game.

Changes recommended to the FAA and FSPR are good for consumers

The Financial Markets Authority welcomes the Minister of Commerce and Consumer Affairs, Paul Goldsmith’s recommendations on changes to two significant pieces of legislation for NZ’s financial markets.

KiwiSaver annual statements are being read but not acted upon

The Financial Markets Authority has released the results of a survey conducted in May this year, to coincide with the time when most KiwiSaver investors are receiving their annual statements. The survey was responded to by 1,313 KiwiSaver investors, two thirds of the total sample.

FMA and SFO investigate Mr Paul Clifford Hibbs and Hansa Limited

Code Committee Members Reappointed

The Financial Markets Authority has announced the reappointment of two members of the Code Committee. The Committee was established in July 2009 to draft a code of Professional Conduct for Authorised Financial Advisers (AFAs).

FMA releases report into insurance sales and advice: Insurance replacement business - who benefits?

The Financial Markets Authority is calling for cooperation from the life insurance industry and financial advisers to address the potential harms to consumers from the relatively high levels of switching of existing insurance policies.

FMA reports on NZX’s regulatory framework

The Financial Markets Authority has released its latest annual review of NZX and reports that it is meeting its statutory obligations as a market operator and frontline regulator of those markets.

SPGI Director sentenced today

SPGI director Mark Andrew Turnock has today been sentenced in the Auckland High Court to four months home detention and 200 hours of community work. Read more.

FMA releases Auditor regulation and oversight plan

The FMA has released its auditor regulation and oversight plan for 2016. The FMA’s plan sets out the new style of audit report issued by the External Reporting Board, intended to provide better information to investors.

Investigation into Morgan Cooper Limited

The Financial Markets Authority (FMA) is investigating a complaint received in relation to Morgan Cooper Limited (MCL) and a Mr Rodney McCall (aka Rodney Crichton) for potential contraventions of financial markets legislation.

FMA orders Cambrian to change misleading materials

The FMA has ordered a foreign exchange educator to change its marketing materials on the basis that they were misleading or deceptive, and it had made unsubstantiated statements about its services.

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Media releases – 2014