Page last updated: 09 September 2024

Media releases – 2021

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FMA files criminal charge against former financial adviser

FMA charges former financial adviser Prem Gounder for dishonestly using a false document, reinforcing trust and accountability in NZ financial markets.

FMA files civil proceedings against IAG for fair dealing breaches

FMA files civil proceedings against IAG for fair dealing breaches, alleging misleading premium pricing and discount failures affecting 269,000+ customers.

FMA unveils review into financial advice accessibility to drive better outcomes for the financial advice sector

The FMA Chief Executive Samantha Barrass today announced a review of the advice sector to help drive better outcomes for industry and consumers.

CoFI regime now in effect 

The Conduct of Financial Institutions (CoFI) regime is now in effect—FMA expects licensed banks, insurers, and lenders to treat NZ consumers fairly and uphold the fair conduct principle.

FMA releases update on Outcomes-Focused Regulation

The FMA has published its updated approach to Outcomes-Focused Regulation (OFR) after considering wide ranging feedback from financial services firms, consumer groups and law firms.

FMA files criminal charges against David McEwen

The FMA has filed criminal charges against former financial adviser David McEwen, for failing to comply with an FMA stop order, due to concerns he is still contacting potential investors.

FMA issues warning to Evco Pacific Limited and its directors for breaching disclosure requirements

FMA warns Evco Pacific and its directors for breaching disclosure laws in a $2.8M share offer, highlighting investor protection under the FMCA.

FMA succeeds in continuous disclosure claims against CBL chief financial officer

FMA wins case against CBL's ex-CFO Carden Mulholland for disclosure breaches—setting precedent on CFO liability under NZ financial law.

Individual ordered to pay compensation and pecuniary penalty for making false or misleading representations

Rangi Wyatt Stephen Savage Senior has been ordered to pay compensation of $126,214 to investors and a pecuniary penalty of $142,500 for breaching the Financial Markets Conduct Act 2013.

FMA issues warning to former FMC auditor

FMA has issued a public warning to Mr Allan Facey, a Sydney-based auditor, regarding his conduct as the Engagement Quality Control Reviewer (EQR) for the audit of Alliant Perpetual.

Westpac admits to misleading representations that resulted in $6.35m in overcharges

Westpac New Zealand Limited has admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business customers.

FMA seeks clarity from High Court on use of eligible investor certificates in wholesale investment sector

The FMA has filed a case stated proceeding to seek the Court’s determination on legal issues about the use, confirmation, and acceptance, of eligible investor certificates in the wholesale investment sector.

Individual pleads guilty to insider trading charges

Kevin Young, a former accountant with Heartland Bank Limited, has pleaded guilty to insider trading charges brought against him by the FMA.

FMA files civil proceedings against InvestNow for alleged AML/CFT breaches

FMA has filed civil proceedings against InvestNow Saving and Investment Service Ltd, which trades as InvestNow, for alleged breaches of the Anti-Money Laundering and Countering of Terrorism Act 2009 (AML/CFT Act).

FMA censures Pathfinder for misleading representations

FMA censures Pathfinder for misleading KiwiSaver ethical claims on animal testing and fossil fuels, urging transparency in investment advertising.

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Media releases – 2021