The firms misused the wholesale investor exclusion to extend offers to people with little or no investment experience.
October 24, 2022InvestNow had deficiencies in its processes for verifying customer identities and conducting CDD, EDD and SoW/SoF checks.
October 22, 2022The FMA says a robust record keeping practice will enhance confidence in a financial advice provider's compliance framework.
May 30, 2022CTRL Investments allowed investors who could not demonstrate the necessary skills and knowledge to trade derivatives.
March 5, 2022NZX-owned Smartshares Limited has become the first fund manager to be approved under the Asia Region Funds Passport scheme.
January 26, 2022This was the first transitional licence cancelled by the FMA, due to “serious misconduct” by the company's sole financial adviser at a previous employer.
December 15, 2021OM Financial, which amalgamated with Jarden in March 2021, transfered its own money into the trust account designated to hold investor money.
October 19, 2021Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were "persistent and systemic".
October 12, 2021The FMA's James Greig noted a lower tolerance for AML/CFT non-compliance, given the regime has been in place for eight years.
October 1, 2021The FMA has ordered Sharesies to amend its onboarding process and implement a process to complete identity verification at onboarding.
August 24, 2021