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Media releases – 2022

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FMA formally warns wholesale property investment firms after discovering non-compliant practices

FMA has issued seven formal warnings following concerns in the wholesale property investment sector.

FMA warns InvestNow for AML/CFT deficiencies and failures

FMA has issued a formal warning to InvestNow Saving and Investment Service Limited for failing to comply with anti-money laundering requirements.

FMA files proceedings against Vero for allegedly misleading customers about multi-policy discounts

FMA has filed High Court proceedings against Vero Insurance for failing to apply multi-policy discounts, which led to customers being overcharged.

$150 million returned to customers following conduct and culture reviews of banks and insurers

Customer remediation by banks and life insurers following the Conduct and Culture reviews has returned $150 million to customers.

FMA’s KiwiSaver 2022 annual report shows scheme’s resilience

The KiwiSaver Annual Report 2022 shows member balances remained buoyant and fund switching returned to normal levels.

Eighty-six per cent of financial advice providers now on full licensing path

More than 80 per cent of financial advice providers have now embarked on – or completed – the full licence application process.

AIA to pay $700,000 penalty for false and misleading representations to customers

The Auckland High Court has ordered life insurer AIA to pay a pecuniary penalty of $700,000 for making false and/or misleading representations to some customers, following proceedings brought by the FMA.

FMA inaugural review of ‘stepping-stone’ market Catalist released

FMA released annual review of how well Catalist is meeting its licensed market operator obligations.

MBIE releases consultations on regulations and fees for Conduct of Financial Institutions regime

The Ministry of Business, Innovation and Employment (MBIE) has released two consultations on incentives regulations and proposed licensing fees to support the Conduct of Financial Institutions (CoFI) regime.

RBNZ and FMA seeking feedback on draft FMI Standards

RBNZ and FMA are inviting feedback on the exposure drafts of standards for financial market infrastructures (FMIs).

FMA confirms new enterprise leadership team structure

FMA announces changes to its executive leadership team.

KiwiSaver members showing mettle against market volatility, have more interest in annual statements

Latest KiwiSaver statements report shows 80% of members engaging with their annual statements.

FMA makes permanent stop order to Wisdom House Investment Partners Limited and Yuen Pok Loo

FMA has made a permanent stop order that applies to Wisdom House Investment Partners Limited and Yuen Pok (Paul) Loo after they engaged in misleading and dishonest conduct.

FMA directs Kalkine to stop making outgoing sales calls to New Zealanders after misleading marketing conduct

FMA has directed Kalkine New Zealand Limited to stop making outgoing sales calls to people in New Zealand.

FMA sets its sights on a fairer financial system through its 2022/23 work programme

FMA released its Annual Corporate Plan 2022/23 (ACP), signalling a period of change for both the financial services industry and the regulator itself.

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Media releases – 2022