Media releases – 49

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1. Media release

   12 October 2023

   Vero to pay $3.9 million penalty for making false and misleading representations to customers about multi-policy discounts

   The Auckland High Court has ordered Vero to pay a penalty of $3.9 million for failing to apply multi-policy discounts to customers, following proceedings brought by the FMA.
2. Media release

   Court – civil

   12 October 2023

   Kiwibank to pay $812,500 penalty for making false and misleading representations to customers

   Kiwibank has been ordered to pay a $812,500 civil penalty at the High Court in Wellington for making false and/or misleading representations to some customers.
3. Media release

   5 October 2023

   FMA report: Lessons learned from Barry Kloogh Ponzi

   The FMA published a report on the findings of its inquiries following the Barry Kloogh fraud. These inquiries focused on the services provided to Kloogh by third party market participants.
4. Media release

   4 October 2023

   FMA publishes final Climate Related Disclosures regime record keeping guidance

   Media release from the FMA announcing release of final guidance for Climate Reporting Entities (CREs) on meeting their record keeping obligations.
5. Media release

   29 September 2023

   FMA consults on proposed liquidity risk management guidance

   FMA has released proposed guidance for Managed Investment Scheme (MIS) managers and their supervisors for effective liquidity risk management (LRM).
6. Media release

   28 September 2023

   New Zealand and UK audit authorities agree mutual recognition of audit qualifications

   New Zealand and the UK have signed a Memorandum of Understanding on Reciprocal Arrangements (MOURA) to recognise audit qualifications in both the UK and NZ so that auditors can more easily work between both countries.
7. 20 September 2023

   KiwiSaver holds firm through volatility and reaches $94BN in March 2023

   The FMA’s latest KiwiSaver Annual report for the year to 31 March shows that KiwiSaver has held firm through a continuing period of market volatility. Total funds in KiwiSaver have grown again this year, by $4 billion, due to contributions of $10.5bn from members, employers, and government.
8. Media release

   18 September 2023

   Yuen Pok (Paul) Loo pleads guilty to forgery and financial markets legislation offences

   The FMA can confirm that Yuen Pok (Paul) Loo has pleaded guilty to several criminal charges at the Manukau District Court on Friday.
9. Media release

   5 September 2023

   RBNZ and FMA Governance Thematic Review outlines good practices and areas for improvement

   A cross-sector thematic review of regulated entities’ governance practices by the Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) has highlighted the need for boards to be focused on continuous improvement to ensure future success.
10. Media release

    23 August 2023

    FMA acknowledges guilty verdict in Pushpay insider trading case

    FMA acknowledges today’s guilty verdict in the criminal trial of an individual accused of insider conduct in relation to the sale of shares in Pushpay Holdings Limited.
11. Media release

    16 August 2023

    Advisory: Financial Services Council conference speech by Clare Bolingford

    FMA, Executive Director for Regulatory Delivery, Clare Bolingford spoke to the Financial Services Council annual conference today, on the theme of building consumer confidence.
12. Media release

    11 August 2023

    FMA issues warning to Enprise Group Limited

    The Financial Markets Authority (FMA) – has issued Enprise Group Limited (Enprise) a warning for failing to keep proper accounting records.
13. Media release

    31 July 2023

    Financial Market Infrastructures Standards issued

    Standards for designated Financial Market Infrastructures (FMIs) have been issued by the Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA), following two rounds of public consultation.
14. Media release

    25 July 2023

    CoFI licensing begins

    From today the FMA will begin accepting licensing applications for financial institution licences under the Conduct of Financial Institutions (CoFI) regime.
15. Media release

    21 July 2023

    Highest penalties to date for market manipulation ordered for Oceania Natural Limited defendants

    The penalty hearing for the first and second defendants in the Oceania Natural Limited (ONL) proceeding brought by the FMA was heard at the Auckland High Court last Thursday, 13 July.