Life insurer AIA admitted making false and/or misleading representations to customers in proceedings brought by the FMA. The case is based on breaches regarding incorrect and misleading communication to customers holding various life insurance and associated policies. Read the media release.
We formally censured Wellington-based financial services firm FoxPlan Ltd, after one of its nominated representatives provided services they were not permitted to give and other representatives offered services to clients they were not permitted to give. Read the media release.
We issued an infringement notice to equity crowdfunding service provider Equitise Pty Ltd for failing to file financial statements by their due date. Read the media release.
Fund Managers Otago
We cancelled the managed investment scheme manager licence of Fund Managers Otago (FMO). We considered FMO’s material contraventions and determined it was no longer capable of being a fund manager. Read the media release.
The Supreme Court dismissed a sentence appeal by Steven Robertson of PTT Limited, bringing the matter to a close. Robertson defrauded 22 victims of approximately $1.5 million and was sentenced to six years and eight months’ imprisonment, with a minimum term of three years and four months’ imprisonment. Read the media release.
CLSA Premium New Zealand Limited (CLSAP NZ) has admitted to breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act, following proceedings brought by the Financial Markets Authority – Te Mana Tātai Hokohoko (FMA). Read the media release.
We directed licensed derivatives issuer Rockfort Markets to remove or amend misleading advertising statements on its social media channels and website. Read the media release.
Code of Conduct breaches
The Financial Advisers Disciplinary Committee censured an Authorised Financial Adviser for breaches of the Code of Professional Conduct for Authorised Financial Advisers. Read the media release.
Financial adviser warning
We issued a public warning to a financial adviser due to advice he gave clients in relation to their KiwiSaver and other investments following COVID-19 market volatility. Read the media release.
Michael Reps, the New Zealand-based director of Pegasus Markets Limited, was sentenced to two months’ community detention and 90 hours’ community work for breaches to the Financial Service Providers (Registration and Dispute Resolution) Act. Read the media release.
ANZ New Zealand
Auckland High Court ordered ANZ New Zealand to pay a $280,000 penalty for breaching the Financial Markets Conduct Act 2013 in relation to its supply of credit card repayment insurance to certain bank customers. Read the media release.
We published a review of the NZX, which found the stock exchange failed to meet its licensed market operator obligations due to insufficient technology resources. Read the media release.
Code of Conduct breaches
The Financial Advisers Disciplinary Committee published its decision regarding a case brought by the FMA, relating to alleged breaches of the Code of Professional Conduct for Authorised Financial Advisers. Read the media release.
Robertson and McCall
As a result of two court decisions, victims of convicted fraudsters Steven Robertson and Rodney McCall will receive a portion of their money back. McCall was also sentenced to 12 months’ home detention for his crimes. Read the media release.
Market manipulation warning
We issued a formal warning to an individual for conduct that was likely to have amounted to market manipulation. Read the media release.
Fund Managers Otago
We appointed a temporary manager to manage three schemes previously operated by Fund Managers Otago Limited. The schemes’ supervisor, Trustees Executors Limited, determined it was in the best interests of investors to remove FMO as manager of those schemes. Read the media release.
CLSA Premium NZ Limited (formerly KVB Kunlun)
After finding CLSAP NZ failed to meet some of its audit and assurance obligations, we imposed conditions on its derivatives issuer licence that prevent the firm from making an offer to, or receiving further funds from, retail investors in relation to derivatives. Read the media release
We filed criminal charges against an individual in relation to the Forestlands group of companies, for alleged disclosure and financial record keeping breaches. Read the media release.
Pegasus Markets Ltd
Pegasus Markets Ltd and its New Zealand-based director Michael Reps were found guilty of criminal charges brought by the FMA for breaches of the Financial Service Providers (Registration and Dispute Resolution) Act. Read the media release
CLSA Premium New Zealand Limited (formerly KVB Kunlun)
We filed civil High Court proceedings against CLSA Premium New Zealand Limited (formerly KVB Kunlun) for alleged breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act. Read the media release.
Rodney McCall/Morgan Cooper Limited
Rodney McCall pled guilty to charges brought by the FMA related to deceptively obtaining funds that he purported to be investing. He was neither authorised nor licensed to make investments on behalf of others. Read the media release.
The Court of Appeal decided to dismiss a sentence appeal by Steven Robertson, who defrauded victims of $2.1 million through PTT Limited. Read the media release.
We filed High Court proceedings against ANZ Bank New Zealand, alleging the bank charged some customers for credit card repayment insurance policies that offered those customers no cover. Read the media release.
Warning to Authorised Financial Adviser
We issued a formal warning to a financial adviser who made recommendations to clients that they urgently move their investments to ‘low risk’ funds in the wake of COVID-19, and failed to clarify that the advice may not be suitable for all clients. Read the media release.
We issued a formal warning to Tiger Brokers (NZ) Limited for failing to have several adequate anti-money laundering (AML) protections in place. We also privately warned six other businesses for their AML practices, mainly due to late auditing of their systems and controls. Read the media release.