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24 November 2023
FMA Update
Fair outcomes for consumers and markets
The FMA is moving towards an outcomes-focused approach to regulation and part of this change is setting out our ideas around fair outcomes for consumers and markets.
Launched for consultation, our guide: "Fair outcomes for consumers and markets" introduces outcomes-focused regulation and what it means for engagement with industry.
It also describes seven fair outcomes for consumers and markets we consider providers should be working towards.
Consultation closes Friday 1 March, 2024.
Audit quality - reviews and expectations
FMA Head of Audit, Financial Reporting and Climate Related Disclosures Jacco Moison
Today marks the publication of our latest Audit Quality Monitoring Report, which summarises the findings from our audit quality reviews.
“We are pleased to see audit firms continuously improving, with our feedback from prior reviews being incorporated into policies and procedures," said FMA Head of Audit, Financial Reporting and Climate Related Disclosures Jacco Moison.
"With the development of new technology and the economy facing a number of risks, it is important that auditors remain alert and sceptical about the audit evidence they receive. While the improvements noted this year are welcome, we want to avoid the risk of complacency in the audit process, and its governance.”
Fake FMA licences - Investor warning
We have received a large number of reports from Europe about fake FMA licence certificates being used to try to convince people to invest money with phony investment brokers.
Details of a New Zealand-based entity, Collinson Crowdfunding Limited, which holds a licence for operating a crowd funding service, have been used in these attempts. We can confirm that Collinson Crowdfunding is not involved in this matter.
We recommend caution when dealing with any person or entity that provides you with a licence certificate such as this.
Prospective financial information for IPOs - consultation
We are considering a recommendation from the Capital Markets 2029 report to remove the requirement to provide Prospective Financial Information (PFI) for first regulated offers (IPOs).
We would like to hear from anyone who is interested in this topic. If you would like to share your views with us in this preliminary phase, please contact us and we will be in touch with some more specific questions.
David McEwen - interim stop order
An interim stop order has been made against David Elgar McEwen and entities associated with him from making offers of financial products and from accepting any further or new deposits or investments in respect of those financial products.
This also prevents Mr McEwen, entities associated with him, and any persons employed by him, from making any communications about the offer of those financial products.
We are concerned that Mr McEwen and entities associated with him may have been making offers of financial products that:
- are false or misleading, or likely to mislead or confuse; and
- contains a material misdescription or material error; and
- do not comply with the Financial Markets Conduct Act 2013 (FMC Act) or the regulations made under the FMC Act.
Investors are being contacted to make sure they are aware of the order, which remains in force until 21 December 2023.
Former financial adviser pleads guilty to dishonesty offences
Former Hawke’s Bay mortgage broker Natalie Ann Carter was charged with the following offences earlier this month:
- Making a false document
- Obtaining by deception
- Using forged documents
- Obstructing the exercise of the FMA’s powers
- Making false or misleading statements
She pleaded guilty to eight of the 15 charges filed against her in the Napier District Court.
It is alleged that between 2018 and 2020, Ms Carter created various false documents for the purpose of obtaining home loans for herself and two clients. In total, seven home loans were applied for, totalling $2.91m in value.
Her engagement at the Hawke’s Bay-based brokerage was terminated in January 2020.
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