This month we published our annual Audit Quality report, supported the 2019 International Fraud Film Festival and opened transitional licensing for New Zealand's financial advisers.
Our ease of doing business survey was released, which showed a high number of stakeholders agreeing that it was easy to do business with the FMA.
Audit quality report
We have just released the 2019 Audit Quality Report, which focuses on the state of New Zealand’s auditors. It’s part of a 3-year monitoring cycle of licensed auditors and we’ve found that most had made improvements, but there are still some issues to address.
Singles Day is the biggest online retail day of the year. While shopping and spending was top of mind for many, we wanted to share our message about the importance of saving, investing and avoiding online investment scams with our Mandarin-speaking audience.
Here's FMA staff member Jess Li at the promotional installation in Takutai Square, in Auckland’s Britomart precinct.
An FMA QR panel pointed to our landing page specially developed for the day.
Fraud film festival
The FMA was one of the proud sponsors of the third NZ International Fraud Film Festival. The great line-up of films exposed the underbelly of fraud and its impact globally and locally. The two day programme explored three main themes of Corruption, Technology and Dishonesty.
Financial Advice Provider Transitional Licensing opened this week and it’s been great to see the sector respond with the first applications arriving.
We’re looking forward to working with advisers to strengthen standards, lift consumer confidence and ultimately deliver better financial outcomes for all New Zealanders.
FMA successfully defends FSPR appeal by FXBTG Financial Limited
The Financial Markets Authority (FMA) has welcomed a High Court ruling upholding a direction by the FMA to de-register foreign exchange firm FXBTG Financial Limited.
Nick Kynoch, FMA General Counsel, said this was the fourth time the FMA had successfully defended an appeal against a direction to deregister.
The FMA has agreed, in principle, to grant some exemptions from the new financial advice regime. This includes one for Australian financial services licensees with no place of business in New Zealand, and a five year exemption for overseas custodians of client money and client property from the requirement to obtain an assurance engagement from a locally qualified auditor.
AG Markets claims on its website to be registered on the Financial Service Providers Register when it is not. The FMA is concerned that investors may be misled about the extent to which AG Markets is regulated under New Zealand law.
We recommend exercising caution before dealing with Profitix, Enigma GRC Limited and True Capital Pro as they are not listed on the FSPR and are not incorporated in New Zealand.
The FMA is concerned GCG’s website contains misleading statements that have the potential to mislead investors on the extent to which GCG is a regulated or licensed entity in New Zealand and in overseas jurisdictions.
Alltrademarkets is not registered on the Financial Service Provider Registry of New Zealand, therefore, is not permitted to offer financial services to New Zealand residents.
We are concerned that New Zealand investors could be targeted by EvisionFX Group under the misrepresentation that they are regulated in NZ when they are not.
