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Prince and Partners Trustee Company has admitted a series of failings in its role as trustee of Viaduct, a finance company that went into receivership in 2010. The civil proceedings brought by the FMA against Prince have been settled for $4.5 million. Read more.
The Financial Markets Authority is publishing its annual corporate plan for the first time, setting out its planned regulatory activities and key areas of focus to June 2018.
Over 1 million New Zealanders have more than $15 billion invested in conservative or default KiwiSaver funds, mostly invested in fixed-interest assets, including bonds. However, only four in ten KiwiSaver members surveyed by the FMA knew that most funds invest in bonds.
The Overseas Investment Office has recently published the sale price received by Forestlands as $23,500,000. Read more.
Mr Mark Warminger has withdrawn his appeal against the High Court judgment in the Financial Markets Authority v Warminger and as a result the FMA has withdrawn its cross-appeal.
The FMA has completed its first survey of consumers’ experience of conduct. It follows the publication of the FMA’s guide to its view of conduct earlier this year. This focused on the ‘five Cs for good conduct’: capability, conflict, culture, controls and communication.
The FMA has confirmed the methodology KiwiSaver scheme providers must use when calculating the dollar amount of fees paid by KiwiSaver investors for annual statements. The FMA wants to ensure providers are calculating fees accurately without burdening them with unnecessary costs and ensuring they have time to comply.
A former registered financial adviser, Anthony Wilson, who forged clients’ initials and falsely amended insurance applications has been sentenced to 150 hours of community work, 6 months community detention and ordered to pay reparations of $16,461.24.
The High Court imposed a total penalty of $400,000 on Mark Warminger for two contraventions of the Securities Markets Act 1978. Read more.
As soon as an appropriate distribution method has been established by Forestlands, the FMA will decide whether to consent to the release of funds currently held on trust. Read more.
Annual review 2017 of whether NZX met its statutory obligations as a licensed market operator.
The FMA continues to seek to engage with the sole director of the Forestlands group and his legal representatives to ascertain what steps have been taken to put in place an appropriate process for determining and managing the distribution of the $18 million that is held on trust, accruing interest. Read more.
The Financial Advisers Disciplinary Committee (FADC) has released its decision into FMA’s complaint against an authorised financial adviser.
The FMA is seeking feedback on its proposals to allow entities to provide personalised financial advice generated by a computer programme or algorithm (robo-advice). This would be a temporary measure before new legislation is passed by Parliament.
Jeffrey Peter Honey was sentenced to six months home detention at the Auckland District Court, after pleading guilty to one charge of insider trading under section 243(1)(a) and section 244 Financial Markets Conduct Act. Read more.