Media releases – 215

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1. Media release

   23 December 2024

   Westpac admits to misleading representations that resulted in $6.35m in overcharges

   Westpac New Zealand Limited has admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business customers.
2. Media release

   23 December 2024

   FMA seeks clarity from High Court on use of eligible investor certificates in wholesale investment sector

   The FMA has filed a case stated proceeding to seek the Court’s determination on legal issues about the use, confirmation, and acceptance, of eligible investor certificates in the wholesale investment sector.
3. Media release

   20 December 2024

   Individual pleads guilty to insider trading charges

   Kevin Young, a former accountant with Heartland Bank Limited, has pleaded guilty to insider trading charges brought against him by the FMA.
4. Media release

   20 December 2024

   FMA files civil proceedings against InvestNow for alleged AML/CFT breaches

   FMA has filed civil proceedings against InvestNow Saving and Investment Service Ltd, which trades as InvestNow, for alleged breaches of the Anti-Money Laundering and Countering of Terrorism Act 2009 (AML/CFT Act).
5. Media release

   18 December 2024

   FMA censures Pathfinder for misleading representations

   The FMA is satisfied that between October 2021 and May 2024, Pathfinder made misleading statements about the nature of its KiwiSaver Funds’ ethical investments in two advertisements on social media and its website relating to animal testing and fossil fuels.
6. Media release

   11 December 2024

   FMA cancels auditor’s licence to carry out FMC audits for multiple failures

   FMA has cancelled the New Zealand licence of Sydney based auditor, Mr Sam Danieli, to carry out FMC audits in New Zealand.
7. Media release

   4 December 2024

   FMA encouraged by first climate statements

   The FMA has today published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statements.
8. Media release

   2 December 2024

   Inaugural Consumer Confidence survey provides valuable insights for FMA and financial services sector

   The inaugural Consumer Confidence survey report 2024 from the FMA shows that three quarters of New Zealanders believe financial service providers treat customers fairly.
9. Media release

   2 December 2024

   CBLC update

   The FMA welcomes the High Court’s decision last week to dismiss the application to strike out the FMA’s claim against the executor of the estate of former CBLC director Alistair Hutchison.
10. Media release

    28 November 2024

    FMA publishes refreshed Audit Quality Monitoring Report

    The FMA’s Audit Quality Monitoring Report for 2023/24, released today, reviewed nine of the 12 registered audit firms in New Zealand and 19 audit files, 10 of which were of listed entities.
11. Media release

    31 October 2024

    FMA publishes Market Cleanliness research report into New Zealand Equity Market

    Research from the FMA has found that the number of potential incidents of market abuse on the New Zealand equity market has been trending down over the past 20 years.
12. Media release

    24 October 2024

    FMA publishes 2024 Annual Report

    The FMA today published its annual report for the year to 30 June 2024.
13. Media release

    23 October 2024

    FMA publishes first insights report into Discretionary Investment Management Services sector

    The FMA today published its first monitoring report of the Discretionary Investment Management Services (DIMS) sector.
14. Media release

    14 October 2024

    FMA publishes research on commercial real estate and the KiwiSaver industry

    Research from the FMA has found most KiwiSaver providers are well placed to manage their exposure to the commercial real estate market but more work can be done to mitigate and communicate the risks.
15. Media release

    8 October 2024

    FMA files proceedings against ASB for alleged fair dealing breaches

    The FMA has filed civil proceedings against ASB Bank Limited for allegedly making false or misleading representations in relation to insurance products and banking services.