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The Financial Markets Authority (FMA) today announced it will start accepting transitional licence applications from 4 November 2019. Anyone providing financial advice to retail clients from June 2020 (the start of the new regime) will need to operate under a Financial Advice Provider Transitional Licence. Advisers can either get their own licence or work on behalf of someone else who holds a licence.
Confidence in New Zealand’s financial markets has remained stable over the past two years, despite volatile global markets and a focus on the culture and conduct of major financial institutions in Australia and New Zealand.
The Financial Markets Authority (FMA) has issued a Stop Order against Syndicated Trusts Limited (STL), ordering the company to stop advertising or accepting money for financial products.
The FMA published its Annual Corporate Plan (ACP), which outlines its work plan for the next financial year and sets objectives for raising standards of behaviour across financial services.
The FMA has confirmed interim liquidators have been appointed to Financial Planning Limited (FPL) and Impact Enterprises Limited (IEL).
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.
The FMA has issued a further warning to investors about a Malaysian-based loyalty scheme, MBI International, also trading as MFC Club (MFC Club).
The Financial Markets Authority (FMA) has published its annual review of whether NZX met its statutory obligations as a licensed market operator.
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.
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.
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 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.
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.
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.
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.