Mortgage brokers charged over non-filing

Last updated 11:26 19/02/2014

Relevant offers

Industries

Pound falls to 30-year low against US dollar amid anti-global sentiment Maersk shipping line changes NZ route Revamped Smith's City pushes into profitable Auckland International hotel Sofitel Wellington fights $350k development fee - and succeeds Taranaki engineers need to 'get creative' to survive Fiat Chrysler accused of concealing defect in Jeep Grand Cherokee Countdown harnessing the skills of older workers Duncan Garner: Tax the tourist tsunami and give us citizens a break APN settles New Zealand tax dispute with Inland Revenue Trade Me says online gun auctions are safe, as police union calls for an end to sales

Two contributory mortgage brokers have been charged by the Financial Markets Authority (FMA) with failing to deliver annual reports. 

Prudential Mortgage Limited has been charged with failing to deliver an annual report to the Registrar of Companies by June 30, 2013.

The report was for the 12 months from April 1, 2012. 

Prudential is due to appear in the Christchurch District Court on March 5.

Another company, First Mortgage Investments Limited has been charged with failing to deliver an annual report for the same period by June 30.

First Mortgage appeared in the Auckland District Court in January and will reappear on March 20. 

The charges, laid under the Securities Act (Contributory Mortgage) Regulations, carry a maximum fine of $5000.

When companies failed to file annual reports it limited the ability of investors to make informed investment decisions, said FMA Head of Enforcement, Belinda Moffat

"Non-filing of annual reports and financial statements is an issue which FMA takes seriously and we are considering a number of other cases where these key documents have not been filed."

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content