Tag: fma
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Tower Faces $7 Million Penalty for Misleading Customers
Tower has been ordered to pay a $7 million penalty for misleading representations that resulted in more than $11 million in overcharges to its customers. The penalty follows admissions in civil proceedings brought by the Financial Markets Authority (FMA) in…
BusinessLegalAustralasiaFinancial MarketsLaw Enforcement TowerFinancial Markets AuthorityFMAFinancial Markets Conduct ActFMC ActAucklandCivil ProceedingsNZ Financial Markets Authority
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FMA Releases Thematic Review on Financial Institutions' Product and Service Reviews
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has released a thematic review on financial institutions’ product and services reviews. Executive Director, Licensing and Conduct Supervision, Clare Bolingford, said: “When financial institutions proactively review products and services,…
BusinessFinancial MarketsBankingEconomyLegal Financial Markets AuthorityFMAClare Bolingfordfinancial institutionsproduct reviewsservice reviewsLicensing and Conduct SupervisionNZ Financial Markets Authority
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FMA Updates Guidance on Insider Trading
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has released an updated information sheet to promote stronger practices regarding insider trading within the investment industry. This follows engagement with industry participants. The information sheet, titled Insider Trading: where…
BusinessLegalFinancial MarketsEconomyTradeAustralasia Financial Markets AuthorityFMAinsider tradinginvestment industryLouise Ungerinstitutional investorsTe Mana Tātai HokohokoNZ Financial Markets Authority
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New Zealand's Financial Advice Sector Sees Growth, Faces Scams and Misconduct
The Financial Markets Authority (FMA) has released its final Financial Advisers Update for 2025, reflecting on a year of progress and engagement within the financial advice sector. The FMA noted the sector is embedding the financial advice regulatory framework, with…
BusinessPolitics and GovernmentLegalScience & TechnologyFinancial MarketsEconomyFederal GovernmentComputers and InternetSocial Issues Financial AdviceFinancial Markets AuthorityFMAScamsFraudRegulatory ReturnsInvestmentNZ Financial Markets Authority
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FMA Grants 'No Action' Relief on Climate Reporting
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko will provide interim relief to entities affected by recently announced climate reporting changes. These entities will no longer be expected to lodge climate statements ahead of legislative changes. The FMA…
BusinessPolitics and GovernmentEnvironmentFinancial MarketsClimate ChangeFederal GovernmentLegal Financial Markets AuthorityFMAClimate Reporting EntitiesCREsLiam MasonLegislationNZ Financial Markets Authority
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FMA Warns Finbase for Disclosure and Fair Dealing Breaches
The Financial Markets Authority (FMA) has issued a warning to HP Capital Limited, trading as Finbase, for serious breaches of the Financial Markets Conduct Act 2013 (FMC Act) and Financial Markets Conduct Regulations 2014 (FMC Regulations). The warning concerns Finbase’s…
BusinessPolitics and GovernmentLegalFinancial MarketsEconomyBanking FMAFinbaseFinancial Markets AuthorityFinancial Markets Conduct Act 2013Financial Markets Conduct Regulations 2014Single InvestmentHP Capital LimitedNZ Financial Markets Authority
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FMA Appoints Dr. Philip Stevens as Chief Economist
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has appointed Dr. Philip Stevens as Chief Economist. Stevens brings over 25 years of economics experience, including academic and public sector roles. He holds a doctorate in Economics from…
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingEmployment and Labor FMAPhilip StevensSamantha BarrassChief EconomistFinancial Markets AuthorityEconomicsNZ Financial Markets Authority
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FMA Seeks Feedback on Ethical Investment Disclosure Guidance
The Financial Markets Authority (FMA) is seeking feedback on updated draft guidance for financial products with ethical characteristics. The guidance aims to assist issuers in presenting their products in disclosures and advertising related to ethical claims. The consultation is open…
BusinessPolitics and GovernmentEconomyFinancial MarketsTradeLegal Financial Markets AuthorityFMAethical investmentLouise UngerFinancial Conduct ReportinvestmentFinanceNZ Financial Markets Authority
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ANZ Pays $3.25 Million for Misleading Statements
ANZ has admitted to breaching fair dealing laws and will pay $3.25 million to the Crown following a Financial Markets Authority (FMA) investigation. The breaches involve wrongly applying fees and interest for unarranged overdrafts and incorrectly claiming repayment of mortgage…
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingLegal ANZFinancial Markets AuthorityFMAFinancial Markets Conduct ActMortgage incentivesOverdraft feesFinanceNZ Financial Markets Authority
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Financial Markets Authority Seeks Feedback on Tokenisation
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko is seeking feedback on the implications of a growing market for tokenised products. Tokenisation involves converting real or virtual assets into digital tokens that can be stored and traded on…
BusinessScience & TechnologyEconomyFinancial MarketsBankingComputers and InternetLegal Financial Markets AuthorityFMAtokenisationdigital assetsblockchainLiam Masonfinancial servicesNZ Financial Markets Authority
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FMA Warns of Surge in Social Media Investment Scams Using Deepfakes
The Financial Markets Authority (FMA) has issued a warning regarding a surge in social media investment scams. Scammers are impersonating New Zealand celebrities, journalists, politicians, financial commentators, and business leaders, particularly on Meta platforms. They create fake profiles and use…
BusinessPolitics and GovernmentScience & TechnologyFinancial MarketsSocial IssuesComputers and Internet FMAsocial mediainvestment scamsdeepfakesClare BolingfordFinancial Markets AuthorityNZ Financial Markets Authority
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FMA Warns Kiwibank for Overcharging Customers
The Financial Markets Authority (FMA) has issued a warning to Kiwibank for overcharging customers due to a failure to apply fee waivers to certain joint account holders. The issue, which persisted from approximately March 2005 to November 2024, involved transaction…
BusinessPolitics and GovernmentFinancial MarketsBankingLegal FMAKiwibankFinancial Markets Authorityoverchargingfee waiversjoint accountsFinancial Markets Conduct ActNZ Financial Markets Authority