Media release MR No. 2017 – 3431 July 2017
Mr Mark Warminger has withdrawn his appeal against the High Court judgment in the Financial Markets Authority v Warminger and as a result the FMA has withdrawn its cross-appeal.
The judgment from March 2017 and penalty decision from June 2017 stand and this brings these civil proceedings to a close.
In the High Court Venning J found that, in relation to two of the causes of action, Mr Warminger had committe...
Media release MR No. 2017 – 3321 July 2017
Financial services providers are fair and professional, but have work to do to explain fees and how their products are appropriate, their customers have told the FMA.
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, cul...
Media release MR No. 2017 – 3219 July 2017
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.
KiwiSaver scheme providers must allocate fees charged at the fund level to investors using one...
Media release MR No. 2017 – 3113 July 2017
A former registered financial adviser 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.
Anthony Wilson had earlier pleaded guilty to a total of four charges under the Crimes Act brought by the Financial Markets Authority at the Auckland District Court.
Media release MR No. 2017 – 3030 June 2017
The High Court imposed a total penalty of $400,000 on Mark Warminger for two contraventions of the Securities Markets Act 1978.
Venning J found that the starting point for the two contraventions was a penalty of $500,000 and applied a reduction in penalty of $100,000 to recognise Mr Warminger’s personal circumstances.
As a result of the pecuniary penalty order Mr Warminger automatically received a 5 year man...
30 June 2017
The FMA has previously notified that during its initial inquiries into Forestlands it identified $18 million which Forestlands said was to be paid to investors. We note that investors, who are shareholders in the Forestlands companies, had expressed concerns about Forestlands, how the assets were sold and how they would receive their share of the proceeds.
The FMA decided that the $18 million should be placed in trust to protect and preserve...
Media release MR No. 2017 – 2929 June 2017
The Financial Markets Authority (FMA) has published its annual review of whether NZX met its statutory obligations as a licensed market operator.
NZX plays a vital role in helping to achieve fair, orderly and transparent financial markets in New Zealand to promote confident and informed participation by investors.
NZX complied with its market operator obligations during the review period (calendar year 20...
27 June 2017
The FMA has received a number of requests for further information about the Forestlands group of companies from shareholders in recent weeks.
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. T...
Media Release22 June 2017
The Financial Advisers Disciplinary Committee (FADC) has released its decision into FMA’s complaint against an authorised financial adviser. The FADC has granted name suppression for the time being, until a decision has been made on disposition.
A copy of the decision can be found here.
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Media release MR No. 2017 - 2821 June 2017
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.
The current law, passed in 2008, did not contemplate digital advice, meaning that personalised advice, or advice that takes into account an individual's financial situ...
Media release MR No. 2017 – 2714 June 2017
Jeffrey Peter Honey was sentenced yesterday 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. Mr Honey admitted to being an information insider advising and encouraging another person to trade.
FMA’s General Counsel, Nick Kynoch, said, “Insider trading erodes confid...
Media release MR No. 2017 - 269 June 2017
Two men appeared yesterday in the Tauranga District Court in relation to various charges filed by the FMA under the Crimes Act.
Robert Ian South is charged with two counts of theft by a person in a special relationship, under section 220 of the Crimes Act 1961. This carries a maximum penalty of 7 years imprisonment.
Murray Byron Provan is charged with two counts of obtaining by deception under Section 240 of the...
Media release MR No. 2017 –238 June 2017
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 FMA today announced its decision on the methodology for calculating the fees charged to members by dolla...
Media release MR No. 2017 –258 June 2017
The High Court has dismissed an appeal by Innovative Securities Limited (Innovative Securities) against the Financial Markets Authority’s (FMA) decision to direct Companies Office, as the registrar of the Financial Services Provider Register (FSPR), to de-register the company from the FSPR.
In his judgment, Moore J states that “the criticisms of the processes and reasoning of the FMA in determining that Inn...
Media release MR No. 2017 – 2229 May 2017
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.
Investor confidence in the markets has reached its highest level (69%) since the FMA started the...
Media release MR No. 2017 – 2126 May 2017
The Reserve Bank of New Zealand and Financial Markets Authority have welcomed the release of a new code to promote good practice in the international foreign exchange market.
The new Global Code of Conduct for the Foreign Exchange Market was released in London by the Bank for International Settlements last night. It was developed by central banks and foreign exchange market participants from 16 international ju...
Media releaseMR No. 2017 – 2024 May 2017
Common issues, hints for new applicants and a guide to the Financial Markets Authority’s (FMA) future focus are included in a review of the regulator’s first two and a half years of licensing.
The Financial Markets Conduct Act 2013 (FMC Act) introduced a system of licensing and monitoring for the first time for many companies involved in New Zealand’s financial markets. By December 2016, the transition to...
Media release MR No. 2017 – 1917 May 2017
Anthony Wilson, a former Registered Financial Adviser yesterday pleaded guilty at the Auckland District Court to two charges of making a false document for pecuniary advantage. The charges were filed by the Financial Markets Authority (FMA) under the Crimes Act.
Mr Wilson earlier pleaded guilty to one charge of making a false document for pecuniary advantage and one charge of dishonestly using a document for...
Media release MR No. 2017 – 1815 May 2017
Investors will benefit from greater protection due to a change in the way the Financial Markets Authority (FMA) will treat certain companies offering shares.
Under the Financial Markets Conduct Act 2013, the FMA is able to designate products based on their economic substance, rather than their legal form.
From May 19, a class designation comes into effect so that the FMA will treat newly issued shares in invest...