FMA says 16 finance companies under investigation, six off the hook
The regulator also identified six cases it will not pursue at this stage, saying further investigation "would not be in the public interest because no law breaches have identified."
FMA chief executive Sean Hughes said the 16 ongoing investigations were Allied Nationwide finance, Boston Finance, Equitable Mortgages, Hanover Capital, Hanover Finance, Kiwi Finance, LDC Finance, Mutual Finance, OPI Pacific Finance (formerly MFS Pacific Finance), Propertyfinance Securities, South Canterbury Finance, St Laurence, Strategic Finance (including Strategic Nominees), Structured Finance, Viaduct Capital and Vision Securities.
Hughes said the FMA decisions were consistent with the recently released Enforcement Policy and the result of a review since the regulator began operating.
"Amongst the cases remaining under FMA's scrutiny are some involving large numbers of investors at risk of significant or potential loss, in which there is information suggesting unlawful behaviour, and where there is a need to send a clear regulatory signal to the markets."
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