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The FMA has completed its first survey of consumers’ experience of conduct. It follows the publication of the FMA’s guide to its view of conduct earlier this year. This focused on the ‘five Cs for good conduct’: capability, conflict, culture, controls and communication.
The FMA has confirmed the methodology KiwiSaver scheme providers must use when calculating the dollar amount of fees paid by KiwiSaver investors for annual statements. The FMA wants to ensure providers are calculating fees accurately without burdening them with unnecessary costs and ensuring they have time to comply.
A former registered financial adviser, Anthony Wilson, who forged clients’ initials and falsely amended insurance applications has been sentenced to 150 hours of community work, 6 months community detention and ordered to pay reparations of $16,461.24.
The High Court imposed a total penalty of $400,000 on Mark Warminger for two contraventions of the Securities Markets Act 1978. Read more.
As soon as an appropriate distribution method has been established by Forestlands, the FMA will decide whether to consent to the release of funds currently held on trust. Read more.
Annual review 2017 of whether NZX met its statutory obligations as a licensed market operator.
The FMA continues to seek to engage with the sole director of the Forestlands group and his legal representatives to ascertain what steps have been taken to put in place an appropriate process for determining and managing the distribution of the $18 million that is held on trust, accruing interest. Read more.
The Financial Advisers Disciplinary Committee (FADC) has released its decision into FMA’s complaint against an authorised financial adviser.
The FMA is seeking feedback on its proposals to allow entities to provide personalised financial advice generated by a computer programme or algorithm (robo-advice). This would be a temporary measure before new legislation is passed by Parliament.
Jeffrey Peter Honey was sentenced to six months home detention at the Auckland District Court, after pleading guilty to one charge of insider trading under section 243(1)(a) and section 244 Financial Markets Conduct Act. Read more.
Robert Ian South and Murray Byron Provan appeared in the Tauranga District Court in relation to various charges filed by the FMA under the Crimes Act. Read more.
KiwiSaver members who received communications created using behavioural insights were more likely to choose to move out of default funds, and less likely to transfer to another provider.
The Government has recently introduced regulations requiring KiwiSaver providers to disclose fees in dollars in members’ annual statements. The Financial Markets Authority (FMA) has been consulting on a methodology that will assist KiwiSaver providers to understand the requirements of those regulations.
The High Court has dismissed an appeal by Innovative Securities Limited against the FMA decision to de-register the company from the FSPR. Read more.
Major disruptions in world events over the last year have not dented New Zealanders’ confidence in financial markets. The FMA today released its annual survey into the public’s attitude to financial markets. The survey shows that confidence has risen significantly to 65% among all respondents, from 56% in 2016.