Mortgage brokers charged over non-filing

Last updated 11:26 19/02/2014

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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."

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