Media releases – 51

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1. 25 March 2021

   IFIAR releases 2020 Survey of Inspection Findings

   The International Forum of Independent Audit Regulators (IFIAR) has released its ninth annual survey of Members’ inspection results for the 2020 year. IFIAR is a membership organisation of 54 independent audit regulators, including the Financial Markets Authority (FMA).
2. 24 March 2021

   FMA directs Rockfort Markets to address misleading advertising

   The Financial Markets Authority (FMA) has directed licensed derivatives issuer (DI) Rockfort Markets to remove or amend misleading advertising statements on its social media channels and website.
3. 19 March 2021

   James Greig, FMA Director of Supervision, to lead monitoring and supervision of financial advice

   The FMA announced that overall responsibility for monitoring financial advice sits with James Greig, Director of Supervision. He has recently been appointed to the FMA’s Executive Committee and has reported directly to Chief Executive Rob Everett since 2020.
4. 16 March 2021

   FMA Board announces Chief Executive will leave at end of 2021

   The Financial Markets Authority (FMA) Board today announced that Chief Executive Rob Everett had resigned and would leave the organisation towards the end of the year.
5. 15 March 2021

   Start to new licensing regime for financial advice

   The Financial markets Authority (FMA) welcomes the start of the new financial advice regime from 15 March 2021. Under the new regime, anyone who gives regulated financial advice to retail clients must either hold, or operate under, a Financial Advice Provider licence. All providers of financial advice are now subject to the same obligation to place the interests of their clients first and must adhere to a new Code of Conduct.
6. 11 March 2021

   ANZ ordered to pay $280,000 penalty for misleading representations over credit card insurance charges

   The Auckland High Court has ordered ANZ New Zealand (ANZ) to pay a $280,000 civil penalty for breaching the Financial Markets Conduct Act 2013 (FMCA) by making misleading representations in the supply of credit card repayment insurance (CCRI) to 307 of its customers.
7. 10 March 2021

   Financial adviser censured for code breaches

   The Financial Advisers Disciplinary Committee (FADC) has censured an Authorised Financial Advisor (AFA) following a case brought by the FMA. Read the decision on breaches and decision on penalty here.
8. 5 March 2021

   FMA publicly warns financial adviser for KiwiSaver advice in wake of COVID-19

   The Financial Markets Authority (FMA) has 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.
9. 4 March 2021

   Peer-to-peer lending and crowdfunding 2020 data published

   New Zealand’s peer-to-peer lending (P2P) and equity crowdfunding sectors experienced steady growth in the last year, according to data from the Financial Markets Authority (FMA).
10. 3 March 2021

    ‘Director for hire’ Michael Reps sentenced for FSPR abuse

    Michael Reps, the New Zealand-based director of Pegasus Markets Limited, has been sentenced to two months community detention and 90 hours community work after criminal charges were brought by the Financial Markets Authority (FMA) for breaches to the Financial Service Providers (Registration and Dispute Resolution) Act (FSP Act).
11. 17 February 2021

    FMA fears Chinese New Zealanders are under-reporting investment scams

    Chinese New Zealanders are being urged to beware of investment scams in the current economic climate, and to report any investment scams to the Financial Markets Authority (FMA).
12. 12 February 2021

    ANZ admits breaching FMC Act for misleading representations over credit card insurance charges

    The Auckland High Court has ordered ANZ New Zealand to pay a $280,000 penalty for breaching section 22 of the Financial Markets Conduct Act 2013 (FMCA) in relation to its supply of Credit Card Repayment Insurance (CCRI) to certain bank customers.
13. 11 February 2021

    FMA announces senior leadership change

    The Financial Markets Authority (FMA) announced today its General Counsel, Nick Kynoch, had resigned and would leave the regulator in late February to take up a new role as General Counsel for Generate Kiwisaver.
14. 28 January 2021

    FMA releases review of NZX technology issues

    A review of NZX by the Financial Markets Authority (FMA), released today, has found the stock exchange failed to meet its licensed market operator obligations due to insufficient technology resources.
15. 26 January 2021

    ASX 24 derivatives market review released

    The Financial Markets Authority (FMA) has published the findings of its obligations review of the ASX 24 derivatives market for the period of 1 July 2018 to 30 June 2020.