Media releases – 10

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1. Media release

   30 May 2024

   FMA publishes first monitoring insights report into Financial Advice Providers

   The FMA today published its first monitoring report of the new financial advice regime. The report shows how a range of Financial Advice Providers (FAPs) responded to the obligations and licensing requirements under the new regime introduced during the transitional period in 2021, and fully effective from March 2023.
2. Cases

   28 May 2024

   Matthew Hill to pay $100,000 penalty for breaching financial markets legislation

   The High Court has imposed a pecuniary penalty of $100,000 against Matthew Geoffrey Hill, the former Chief Executive Officer of NZX-listed New Talisman Gold Mines Limited, for making false and misleading representations in breach of the Financial Markets Conduct Act 2013 (FMC Act).
3. Media release

   20 May 2024

   FMA files civil proceeding against individual for making alleged false or misleading representations and other breaches

   The FMA has filed civil proceedings against Rangi Wyatt Stephen Savage for making an unregulated public offer for the sale of shares in The Powder Shed Tokoroa Limited (Powder Shed). Mr Savage was the sole director of Powder Shed.
4. Media release

   23 April 2024

   FMA underlines importance of effective liquidity risk management for fund managers

   The FMA has published its guide for Managed Investment Scheme (MIS) managers and their supervisors for effective liquidity risk management (LRM), following consultation.
5. Media release

   18 April 2024

   FMA appoints Louise Unger as Executive Director, Response and Enforcement

   The FMA today confirmed the appointment of Louise Unger to join the FMA’s executive leadership team as Executive Director for Response and Enforcement.
6. Media release

   17 April 2024

   FMA cancels crowdfunding services licence for Equitise

   The FMA has cancelled the crowdfunding services licence of Equitise Pty Ltd (Equitise). The cancellation took effect on 3 April 2024.
7. Media release

   8 April 2024

   FMA introduces new standard condition on business continuity and technology systems plus new process for reporting operational incidents

   The FMA is introducing a new standard condition for certain market licence holders following consultation. The new licence condition will focus on business continuity and technology systems. The new condition will come into effect on 1 July 2024.
8. Media release

   2 April 2024

   FMA opens consultation on potential class exemption for certain green, social, sustainability, and sustainability-linked bonds

   FMA issues a consultation in response to industry request for a more efficient route to market for green, social and sustainability bonds.
9. Media release

   26 March 2024

   FMA warns Southern Cross Medical Care Society and Southern Cross Pet Insurance for Financial Markets legislation breaches

   FMA has issued warnings to Southern Cross Medical Care Society (SCMCS) and Southern Cross Pet Insurance (SPCI) for failing to apply advertised discounts to each entities’ respective insurance products.
10. Media release

    25 March 2024

    CBL managing director Peter Harris admits continuous disclosure and fair dealing contraventions and agrees Enforceable Undertaking

    The FMA has reached agreement with former CBL Corporation Limited (In Liquidation) (CBLC) managing director Peter Harris on claims relating to continuous disclosure breaches and misleading conduct (the Continuous Disclosure Proceeding). 
11. Court – criminal

    13 March 2024

    Natalie Carter sentenced to 12 months home detention for forgery and financial markets legislation offences

    Natalie Ann Carter, a former Hawke’s Bay-based mortgage broker, has been sentenced to 12 months home detention following a criminal prosecution brought by the Financial Markets Authority (FMA).
12. Court – civil

    7 March 2024

    FMA files proceedings against Tower Limited for alleged fair dealing breaches

    FMA has filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million* in overcharges.
13. Media release

    8 February 2024

    Yuen Pok (Paul) Loo sentenced for forgery and financial markets legislation offences

    Yuen Pok (Paul) Loo has been sentenced in the Manukau District Court following a prosecution brought by the FMA.
14. Media release

    25 January 2024

    Matthew Hill admits breaching Financial Markets legislation

    The FMA confirmed Matthew Geoffrey Hill, the former CEO of NZX-listed New Talisman Gold Mines Limited, has admitted making false and misleading representations in breach of FMCA.
15. Media release

    22 December 2023

    Changes to FMA executive leadership team

    The FMA said today that Paul Gregory, Executive Director, Response and Enforcement has resigned and accepted a role with ANZ Investment Management.