Page last updated: 09 September 2024

Media releases – 2017

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FMA cancels Les Vela FAP licence and directs de-registration of financial adviser 

FMA cancels Les Vela’s FAP licence and de-registers adviser Le Zhou over fraudulent insurance applications totalling $260,937.

Surge of impersonator social media investment scams prompts FMA warning updates

FMA warns of deepfake investment scams on Meta platforms impersonating NZ leaders. Stay alert and report suspicious ads.

FMA warns Kiwibank for overcharging customers

FMA warns Kiwibank for overcharging 8,663 joint account customers, breaching FMC Act with misleading fee representations.

Southern Cross Travel Insurance admits to making misleading statements and pays more than $1million

Southern Cross Travel Insurance admits liability for misleading discount claims and pays $1.1M under enforceable undertaking to FMA.

Insurance companies have improved their processes but more to do in extreme events

FMA urges insurers to improve claims processes after Auckland floods & Cyclone Gabrielle under new CoFI regime.

FMA welcomes New Zealand Anti-Scam Alliance

FMA joins NZ Anti-Scam Alliance to combat scams. Clare Bolingford highlights collaboration as key to protecting investors and markets.

FMA investigation into Senior Trust Capital Limited ongoing

FMA’s investigation into Senior Trust Capital’s share offer and disclosures is ongoing; STC withdraws offer and updates investors.

FMA publishes Statement of Performance Expectations for 2025/26

FMA releases 2025/26 SPE outlining performance targets, measures, and financial forecasts aligned with strategic goals.

Former financial adviser pleads guilty to charges of theft

Ex-financial adviser Murray McClune has pleaded guilty to $1.7M theft from elderly clients, following an investigation by the FMA.

Statement by the FMA on Senior Trust Retirement Village Income Generator Limited

FMA confirms ongoing investigation into STIG’s past disclosures; new PDS lodged 16 June 2025 with major updates for investors.

Former CBL Group CFO ordered to pay penalty and costs for continuous disclosure breaches

Former CBL Group Chief Financial Officer (CFO), Carden Mulholland, has been ordered to pay a pecuniary penalty of $641,250 for breaches of the continuous disclosure provisions in the Financial Markets Conduct Act 2013 (FMCA), in proceedings brought by the FMA.

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