Hughes predicts fewer FMA/SFO tag teams

The two regulators have teamed up in the case against South Canterbury Finance involving an alleged $1.7 billion fraud that, if proven, would be the biggest in New Zealand's history.

The SFO last week laid 21 criminal charges against five people involve with the company, alleging a variety of offences, including theft by a person in a special relationship, obtaining by deception, false statements by the promoter of a company and false accounting.

However, the FMA will support the SFO's case rather than pursuing its own charges.

This is in contrast to a number of other finance companies which have been the subject of legal action by both the SFO and the FMA, and in some cases when the two agencies have laid charges jointly.