Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Contributory mortgage broker pleads guilty

Contributory mortgage broker pleads guilty

Prudential Mortgage Limited, a contributory mortgage broking firm, has been convicted and fined $2,000 for failing to deliver its annual report to the Registrar of Companies by 30 June 2013. Prudential pleaded guilty to the charge laid by the Financial Markets Authority (FMA).

The charge against Prudential was brought under the Securities Act (Contributory Mortgage) Regulations. The maximum fine is $5,000. The conviction was entered in the Christchurch District Court on 5 March.

Reporting and disclosure by contributory mortgage brokers, including in annual reports, allows investors and potential investors to understand the details of the broker’s financial position.

FMA Head of Enforcement, Belinda Moffat, said: “This case is a timely reminder to those taking investments from the public of the importance of full and accurate disclosure of financial information to investors, and that there are consequences of failing to comply with this fundamental obligation.”

“Ensuring accurate and timely disclosure to investors and promoting compliance with reporting obligations is a key priority for FMA, and prosecution is one of the tools available to FMA to encourage compliance,” Ms Moffat said.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Petya: New Ransomware Campaign Hits Worldwide

A new ransomware campaign known as Petya is affecting computer networks using Microsoft Windows. It was first seen affecting systems in the Ukraine, but is quickly spreading across other computer networks in Europe. More>>

ALSO:

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>