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


FMA issues warning about General Equity

FMA issues warning about General Equity

The Financial Markets Authority (FMA) has issued a warning about General Equity (previously named General Equity Building Society), a New Zealand registered building society. The warning recommends that the public exercises extreme caution when dealing with General Equity, the full warning is available here.

FMA considers that General Equity has engaged in misleading and deceptive conduct, including the way it has represented how it is regulated in New Zealand.

Although General Equity is registered as a building society, it does not carry on business as a deposit taker in NZ, and is not subject to Reserve Bank or trustee oversight. General Equity has not issued shares to the public. Most of General Equity’s business is conducted off-shore. The FMA is not aware that any New Zealanders have suffered a loss at this time. However, given General Equity’s past conduct, we consider that anyone dealing with General Equity should exercise extreme caution.

FMA has ordered General Equity to include the FMA warning prominently on the main page of any website operated by, or on behalf of, General Equity under section 49 Financial Markets Authority Act 2011 (a warning disclosure order).

The warning disclosure order can be found at Warning Disclosure Order under Section 49 of the Financial Markets Authority Act 2011.


© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>


Crown Accounts: Govt Books In Line With Forecasts

The Government’s financial statements for the four months to 31 October indicate the books are tracking along with Treasury’s Budget forecasts, Finance Minister Grant Robertson says. More>>


Expert Reaction: Ross Sea Region Marine Protected Area In Force

Sweeping new protections for Antarctica's Ross Sea will come into effect on Friday 1 December. After five years of debate, the marine protected area (MPA) was agreed in 2016 after a joint proposal by New Zealand and the United States... More>>