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Media releases – 2020

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FMA and RBNZ disappointed with insurers’ response to conduct and culture review

The Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) released their findings on life insurers’ responses to the joint Conduct and Culture Review.

Ngā mea waiwai o te tūranga whakataka - IoD and FMA release te reo Māori directors’ guide

The Financial Markets Authority (FMA) and Institute of Directors (IoD) have released a te reo Māori translation of The Essentials of Being a Director, coinciding with Māori Language Week.

Opportunity for all Kiwis in Capital Markets 2029 report

NZX and the Financial Markets Authority (FMA) today welcomed the release of the Capital Markets 2029 report, saying the 10-year vision and growth agenda would create more opportunities for Kiwis to grow personal wealth, help New Zealand businesses to prosper, and help future-proof the country’s economy.

FMA cancels Barry Kloogh’s financial adviser authorisation

The Financial Markets Authority (FMA) has cancelled the authorisation of Dunedin-based Mr Barry Edward Kloogh to act as a financial adviser, as a result of concerns regarding compliance with his broker obligations under the Financial Advisers Act 2008.

Former Promisia chairman admits insider trading breaches

Eoin Malcolm Miller Johnson, a former director and chairman of NZX-listed Promisia Integrative Limited (PIL), has admitted to insider trading conduct and breaching a director’s disclosure obligations. He will pay $75,000, in lieu of a penalty, to the Financial Markets Authority (FMA).

Bay of Plenty women urged to take financial investing power into their own hands

There is a large investing gap in New Zealand between men and women. As Mary Holm, one of New Zealand’s most trusted money experts says, “In many ways women are better investors than men. So how come we often end up with lower savings?”

FMA finding on ANZ related party transaction

The FMA said it has completed its inquiry into disclosure by ANZ of the sale of the property at 269 St Heliers Bay Road by Arawata Assets Limited to Deborah Veronica Walsh (the wife of former CEO, David Hisco) and has determined that ANZ New Zealand Group should have disclosed this as a related party transaction in its 2017 financial statements.

FMA reiterates warning about potential Skyway Capital/SWIG scam

The Financial Markets Authority (FMA) is reiterating its warning that Skyway Capital may be involved in a scam, after learning the business is continuing to conduct seminars throughout the North Island.

Steven Robertson convicted on 38 charges relating to PTT Limited and associated entities

The Financial Markets Authority (FMA) has welcomed the Auckland High Court convicting Steven Robertson of 38 charges relating to PTT Limited and associated entities.

FMA Statement on Court of Appeal judgment in Viaduct Capital and Mutual Finance

The FMA notes the judgment from the Court of Appeal, setting aside of some of the convictions, and the associated reduction of a sentence, in relation to Mr Paul Bublitz and Mr Bruce McKay.

New vision for Council of Financial Regulators

The Council of Financial Regulators (CoFR) has announced a new vision for New Zealand’s economic wellbeing and has welcomed the addition of the Commerce Commission to the forum.

21 charges filed by FMA against man who convinced members of the public to ‘invest’ with him

The Financial Markets Authority has charged a man who convinced members of the public to ‘invest’ with him with offences under the Crimes Act and the FMA Act at the Manukau District Court.

Westpac refunding $7 million to affected customers for incorrect fees

The Financial Markets Authority (FMA) and Commerce Commission have formally agreed with Westpac the steps the bank must take to refund fees to some 93,000 customers being overcharged $7 million.

FMA suspends AxiCorp derivatives licence

The Financial Markets Authority (FMA) has suspended the derivatives issuer licence of AxiCorp Financial Services Pty Limited (trading as AxiTrader) for material breaches of the Financial Markets Conduct Act 2013. Read more.

New Zealand launches ‘investment passport’

Kiwi investors and managed funds will now be able to do business more easily with Australia, Japan and Thailand, after New Zealand’s implementation of the Asia Region Funds Passport (ARFP).

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Media releases – 2020