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This is the first time the FMA has proactively cancelled a MIS manager licence. James Greig, FMA Director of Supervision, said the FMA considered FMO’s material contraventions and determined it was no longer capable of being a fund manager. “Cancelling a licence is one of the strongest regulatory actions we can take and it’s not a decision we take lightly,” he said. “It effectively stops a business from operating in the retail investment sector.” The FMA found FMO’s inadequate compliance and governance arrangements had resulted in continued material breaches of its licence obligations. These included: Disclosure: Incorrectly calculating and disclosing returns in fund

New zealandJames greigCitizen communityFoundation for public interest journalismFma cancels fund managers otago licencewednesdayFinancial markets authorityFund managers otagoFinancial markets authority on infopagesFund managers otago licencewednesdayFinancial marketsInvestment policyFinancial markets conduct actScoop citizen communityIn depth engaged journalismScoop foundationPublic interest journalism