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.”
Ends