FMA NZ News

FMG Admits Misleading Statements, Pays $2.1 Million Penalty

FMG Insurance Limited has admitted to fair dealing breaches under the Financial Markets Conduct Act, following an FMA investigation. The company will pay $2.1 million in lieu of a pecuniary penalty and has remediated affected customers.

FMA Seeks High Court Orders to Liquidate Chance Voight Group Entities

The Financial Markets Authority (FMA) of New Zealand is seeking High Court orders to liquidate six entities within the Chance Voight Group. The FMA is also requesting the release of an interim liquidation report from PwC, which is currently under suppression.

Former NZ financial adviser David McEwen sentenced and banned

Former New Zealand financial adviser David McEwen has been sentenced and banned for seven years following his conviction on four charges of breaching an FMA Stop Order. He was fined $15,000 for continuing to seek money from former clients after the order was issued.

ASB Ordered to Pay $2.1m for Fair Dealing Breaches

The High Court has ordered ASB Bank to pay $2.1 million for fair dealing breaches related to insurance products and banking services. These breaches affected over 25,000 customers, who were refunded approximately $4.7 million by the bank.

FMA Expands FinTech Sandbox for Wider Support

The Financial Markets Authority (FMA) in New Zealand is expanding its FinTech sandbox pilot to offer an on-ramp or restricted licence for innovative firms. This initiative aims to support FinTech innovation and competition while managing consumer risks, building on insights from the current pilot.