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Charges Laid Against Contributory Mortgage Brokers

Charges Laid Against Contributory Mortgage Brokers

The Financial Markets Authority (FMA) has charged two contributory mortgage brokers with failing to deliver annual reports.

Prudential Mortgage Limited has been charged with failing to deliver an annual report to the Registrar of Companies for the period 1 April 2012 to 31 March 2013 by 30 June 2013. Prudential is due to appear in the Christchurch District Court on 5 March 2014.

Another company, First Mortgage Investments Limited has been charged with failing to deliver an annual report to the Registrar of Companies for the period 1 April 2012 to 31 March 2013 by 30 June 2013. First Mortgage appeared in the Auckland District Court on 30 January 2014 and will reappear on 20 March 2014.

The charges have been laid under the Securities Act (Contributory Mortgage) Regulations and carry a maximum fine of $5000.

FMA Head of Enforcement, Belinda Moffat, said when companies fail to file annual reports it limits the ability of investors to make informed investment decisions.

“Non-filing of annual reports and financial statements is an issue which FMA takes seriously and we are considering a number of other cases where these key documents have not been filed,” said Ms Moffat.

“Ensuring accurate and timely disclosure to investors and promoting compliance with reporting obligations is a key priority for FMA.”


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