KiwiSaver Risk Quiz highlights key messages for investors
Source: Financial Markets Authority Media releaseMR No. 2018 – 3712 September 2018 People who took the FMA’s KiwiSaver Risk Quiz understood the importance of keeping contributing through any investment downturn, but the results highlight some key areas where more work to help investors is needed. More than 11,000 people have taken the quiz which […]
Read More →Preparing for investment storms
Source: Financial Markets Authority Media release MR No. 2018 – 356 September 2018 KiwiSaver members can prepare for investment storms by being in the right type of fund and continuing to contribute through any downturn. As part of the Sorted Money Week 2018 ‘Weathering the storm’ the Financial Markets Authority (FMA) is focussing on helping […]
Read More →KS members say dollar fee information is useful
Source: Financial Markets Authority Media release MR No. 2018 – 3316 August 2018 The vast majority (86%) of KiwiSaver members who saw their fees in dollar amounts in their annual statements this year rated the information as “quite or very useful”, an FMA survey has found. Members rated their current balance as the most useful […]
Read More →Decision in the case stated procedure between FMA and the administrators of CBL Corporation Limited
Source: Financial Markets Authority Media releaseMR No. 2018 – 3214 August 2018 The High Court has found that an issuer’s continuous disclosure obligations do not apply during administration. The judge stated in his decision “that the disclosure / reporting obligations of an issuer in voluntary administration are contained within Part 15A of the Companies Act […]
Read More →FMA sets out its work plan for the year ahead
Source: Financial Markets Authority Media releaseMR No. 2018 – 319 August 2018 The FMA has released its annual corporate plan as the conduct and culture of New Zealand’s financial services industry comes under greater scrutiny. The plan sets out the work the FMA intends to undertake in the year ahead. The FMA can and […]
Read More →Customers not the focus of replacement business at large insurers
Source: Financial Markets Authority Media releaseMR No. 2018 – 3018 July 2018 The Financial Markets Authority (FMA) is considering regulatory action against three large financial institutions or qualifying financial entities (QFEs) following a review of insurance replacement business practices. The inherent risks of conflicts of interest involved in selling financial products are heightened when vertically […]
Read More →CBL investigation update
Source: Financial Markets Authority Media release MR No. 2018 – 2913 July 2018 The FMA investigation into the conduct of CBL Corporation Limited (“CBL”) and its directors is ongoing. Due to investor interest in these matters an update on the investigation is appropriate at this time. The FMA has completed a preliminary assessment of the […]
Read More →Investors show mixed levels of understanding while confidence in financial markets remains stable
Source: Financial Markets Authority Media release MR No. 2018 – 2812 July 2018 Confidence in New Zealand’s financial markets has remained stable since 2017, despite uncertainty around a potential trade war, volatile global markets and a focus on the culture and conduct of major financial institutions in Australia and New Zealand. The Financial Markets Authority […]
Read More →Individual falsely holding himself out as financial adviser sentenced to Community Work and Community Detention
Source: Financial Markets Authority Media release MR No. 2018 – 275 July 2018 Garry James Patterson has been sentenced to 200 hours’ community work and 3 months’ community detention at the Christchurch District Court after pleading guilty to two charges brought by the Financial Markets Authority (FMA). Mr Patterson, 63, who is originally from Queenstown […]
Read More →FMA statement on Blackfort/Arena sentencing
Source: Financial Markets Authority Media releaseMR No. 2018 – 263 July 2018 The FMA acknowledges the sentencing today in the Serious Fraud Office’s criminal prosecution of Mr Jimmy McNicholl and Mr Lance Ryan, also known as Lance Jared Thompson. These individuals were prosecuted in relation to a Ponzi scheme in Christchurch that resulted in hundreds of […]
Read More →Annual review of NZX published
Source: Financial Markets Authority Media releaseMR No. 2018 – 2528 June 2018 The Financial Markets Authority (FMA) has published its annual review of NZX’s regulatory obligations as a licensed market operator during the 2017 calendar year. NZX plays a vital role in helping to achieve fair, orderly and transparent financial markets in New Zealand to […]
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