Latest news with #FinancialMarketsAuthority
Scoop
3 days ago
- Business
- Scoop
FMA Issues Infringement Notice To Pharmazen Limited
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has issued an infringement notice to Pharmazen Limited for failing to file financial statements on time. Pharmazen has not yet filed audited financial statements for the year ended 31 December 2024 that were due by 30 April 2025, as required under section 461H of the Financial Markets Conduct Act 2013 (FMC Act). It was also late to file financial statements in 2024 and 2023. Pharmazen informed the FMA that the delay this year was due to ongoing negotiations with their bank about matters relevant to the entity's going concern assessment. Pharmazen has notified the FMA that it intends to publish its financial statements on 6 June 2025. FMA Director of Markets, Investors and Reporting John Horner says, 'Financial statements provide investors and other stakeholders with important information for decision-making purposes. For many FMC reporting entities, financial statements are the only source of financial information available. It's a fundamental obligation that reliable financial statements are made available to the public in a timely manner'. 'Entities should report within the required timeframes regardless of challenges impacting the going concern assessment. Informing investors in a timely way is essential to enable them to make informed decisions,' says Mr Horner. The FMA's infringement notice requires Pharmazen to pay a $7,500 fee for an infringement offence under s 461H of the FMC Act. It has 28 days to pay the infringement fee or respond to the notice.
Scoop
4 days ago
- Business
- Scoop
FMA Releases Good Cents: Kiwis On Savings And Debt Research
Press Release – Financial Markets Authority Good Cents: Kiwis on Savings and Debt looks into New Zealanders' attitudes and behaviours towards savings, debt reduction, and financial guidance. It identifies three main areas for improvement for financial providers such as banks, insurers and investment … While many New Zealanders feel confident in their financial decisions, there are significant gaps between their financial goals and actual holdings of investment products, new research by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – reveals. Good Cents: Kiwis on Savings and Debt looks into New Zealanders' attitudes and behaviours towards savings, debt reduction, and financial guidance. It identifies three main areas for improvement for financial providers such as banks, insurers and investment advisers. 'Our findings show there is room for financial providers to help New Zealanders better align investment choices with financial goals, help them better understand debt management, and increase their comfort with seeking financial information,' says Gael Price, Head of Economics and Research at the FMA. 'Our findings paint an interesting picture. 'Stated financial goals don't always match investment behaviours, or understanding of key financial concepts. There is a disconnect between preferences and investment choices. While there is a strong interest in financial advice, many are hesitant to discuss their personal financial circumstances with others.' Findings also include: 1 in 6 New Zealanders feel they are sinking financially – those in the 45-54 age bracket are struggling the most, with one in four saying they feel they are 'sinking' financially. More than half of New Zealanders strategically pay off high interest debt first. 2 in 3 are open to receiving financial guidance, despite 42% saying they feel uncomfortable discussing their finances. People under 24 are least comfortable discussing their finances. This group is also the least financially literate. Active investment in higher risk and return products like shares is less common, despite high returns being a priority for nearly half our respondents. Those over 65 have unique features – they seek a stable return, and they are more likely than other age groups to have their money in term deposits. A quarter of respondents use buy now pay later (BNPL) services. This rises to 40% of Māori and Pasifika, which raises concerns. While BNPL services can help smooth out the impact of a purchase, having too much debt with these services can mean increasing repayment difficulties and late payment penalties. Māori and Pasifika are also just as likely to ask a family member or friend for financial guidance as asking their bank, meaning there's a risk they might miss out on the benefits of professional financial guidance. Gael says these findings reflect great opportunities for financial providers such as banks, insurance companies and financial advisers to make financial information more accessible. 'They are not necessarily indicators of failure, but rather signposts pointing to opportunities where improvements can be made. These improvements can be driven by providers, by consumers, and by the FMA alike. We welcome engagement with industry and consumer groups about ways to respond to the insights in this report.' Understanding consumer attitudes is now more important than ever and will help guide our regulatory focus and shape our outcomes-focused approach.
Scoop
4 days ago
- Business
- Scoop
FMA Releases Good Cents: Kiwis On Savings And Debt Research
While many New Zealanders feel confident in their financial decisions, there are significant gaps between their financial goals and actual holdings of investment products, new research by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – reveals. Good Cents: Kiwis on Savings and Debt looks into New Zealanders' attitudes and behaviours towards savings, debt reduction, and financial guidance. It identifies three main areas for improvement for financial providers such as banks, insurers and investment advisers. 'Our findings show there is room for financial providers to help New Zealanders better align investment choices with financial goals, help them better understand debt management, and increase their comfort with seeking financial information,' says Gael Price, Head of Economics and Research at the FMA. 'Our findings paint an interesting picture. 'Stated financial goals don't always match investment behaviours, or understanding of key financial concepts. There is a disconnect between preferences and investment choices. While there is a strong interest in financial advice, many are hesitant to discuss their personal financial circumstances with others.' Findings also include: 1 in 6 New Zealanders feel they are sinking financially – those in the 45-54 age bracket are struggling the most, with one in four saying they feel they are 'sinking' financially. More than half of New Zealanders strategically pay off high interest debt first. 2 in 3 are open to receiving financial guidance, despite 42% saying they feel uncomfortable discussing their finances. People under 24 are least comfortable discussing their finances. This group is also the least financially literate. Active investment in higher risk and return products like shares is less common, despite high returns being a priority for nearly half our respondents. Those over 65 have unique features – they seek a stable return, and they are more likely than other age groups to have their money in term deposits. A quarter of respondents use buy now pay later (BNPL) services. This rises to 40% of Māori and Pasifika, which raises concerns. While BNPL services can help smooth out the impact of a purchase, having too much debt with these services can mean increasing repayment difficulties and late payment penalties. Māori and Pasifika are also just as likely to ask a family member or friend for financial guidance as asking their bank, meaning there's a risk they might miss out on the benefits of professional financial guidance. Gael says these findings reflect great opportunities for financial providers such as banks, insurance companies and financial advisers to make financial information more accessible. 'They are not necessarily indicators of failure, but rather signposts pointing to opportunities where improvements can be made. These improvements can be driven by providers, by consumers, and by the FMA alike. We welcome engagement with industry and consumer groups about ways to respond to the insights in this report.' Understanding consumer attitudes is now more important than ever and will help guide our regulatory focus and shape our outcomes-focused approach.
Scoop
21-05-2025
- Business
- Scoop
FMA Issues A Warning On Managed Investment Scheme
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has issued a public warning about a managed investment scheme operated by Jesse Joseph Vaughan and former NZ company Crypto Partners Limited (CPL). FMA Executive Director of Response and Enforcement Louise Unger said, 'We understand that Mr Vaughan, the sole director and shareholder of formerly registered company CPL, has offered investments in a managed investment scheme (MIS) operated by CPL. He did so without holding a MIS manager licence, and without providing the required disclosure, which are both contraventions of the Financial Markets Conduct Act 2013.' Mr Vaughan also told his investors in a newsletter that he had applied for a MIS manager's licence, and that it was being reviewed by the FMA. 'I can confirm that neither Mr Vaughan nor CPL has ever applied to the FMA for any form of market services licence,' said Ms Unger. 'One of the main purposes of the market services licensing regime is to require licensees to act with integrity, diligence and skill and in the best interests of investors using their services. We consider that CPL and Mr Vaughan's conduct has been contrary to these obligations and investors are likely to have experienced significant detriment as a result. 'The FMA will continue to take actions when we see misconduct damaging the trust and confidence in New Zealand's financial markets and businesses. We do this to both prevent and deter others from doing this and, in this case, to hold Mr Vaughan to account,' concludes Ms Unger.
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Credit Contracts And Consumer Finance Amendment Bill
Press Release – The Finance and Expenditure Committee This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The Finance and Expenditure Committee is calling for submissions on the Credit Contracts and Consumer Finance Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025. This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The other two bills are the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and the Financial Markets Conduct Amendment Bill. Please take care to upload your submission on the relevant bill. This bill would: transfer regulatory responsibility for credit contracts and consumer finance from the Commerce Commission to the Financial Markets Authority make certain alignments between the Credit Contracts and Consumer Finance Act 2003 and other financial markets legislation to support a consistent and proportionate regulatory system, including transitioning lenders from a certification to a licensing regime remove features of the Credit Contracts and Consumer Finance Act 2003 (such as the due diligence duty for directors and senior managers) that are unnecessary because of, or do not fit as well with, the new regulatory approach (including the adoption of a licensing model) limit the situations in which a creditor's failure to make required initial or variation disclosure can mean that the debtor is not liable for the costs of borrowing. Tell the Finance and Expenditure Committee what you think: Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
