FMA Archives - Page 3 of 6 - The Industry Spread

Investor Confidence Stable and Improving Over Time

July 28, 2019

Investor  Confidence in New Zealand’s financial markets has remained stable over the past two years, despite volatile global markets and a focus on the culture and conduct of major financial institutions in Australia and New Zealand.

FMA Issues Stop Order Against Syndicated Trusts Limited

July 28, 2019

The Financial Markets Authority (FMA) has issued a Stop Order against Syndicated Trusts Limited (STL), ordering the company to stop advertising or accepting money for financial products. The FMA warns New Zealanders to be wary of dealing with the company.

FMA Sets Out Key Focus Areas For The Year Ahead

July 28, 2019

FMA sets out key focus areas for the year ahead. The FMA today published its Annual Corporate Plan (ACP), which outlines its work plan for the next financial year and sets objectives for raising standards of behaviour across financial services.

Warning: MBI International/MFC Club

July 18, 2019

The FMA has issued a further warning to investors about a Malaysian-based loyalty scheme, MBI International, also trading as MFC Club (MFC Club). The FMA warned investors about MFC Club a year ago but has received new reports that the MFC Club is being promoted within New Zealand’s Chinese speaking community. 

Banks Commit to Removing Sales Incentives for Frontline Staff

July 1, 2019

The FMA and Reserve Bank of New Zealand said today that all banks had committed to remove sales incentives from frontline staff and their managers. Last year’s report by the FMA and RBNZ on banking conduct and culture required banks to outline their plans to remove sales incentives in line with the following criteria

Kiwis Take Longer to Choose a Movie Than Check KiwiSaver

June 19, 2019

Many New Zealanders spend longer choosing a movie to watch than reading and acting on their annual KiwiSaver statement.
A recent survey of 1100 New Zealanders for the Financial Markets Authority (FMA) found four out of five people took up to 10 minutes to choose a movie, but just over half of those questioned spent the same time reading their KiwiSaver annual statement.

FMA Research Highlights Gap Between What Investors Expect and What Auditors Deliver

May 26, 2019

An FMA research project with investors, directors, managers and auditors has identified reasonable levels of confidence in audit quality, but also a serious gap in the expectations of investors and what auditors deliver. The FMA commissioned the research to better understand public and industry perceptions of audit quality in New Zealand.