Mortgage brokers charged over non-filing

Last updated 11:26 19/02/2014

Relevant offers

Industries

NZ should close borders in a major pandemic to save lives, study shows Concrete shortage another hurdle for constrained construction industry E-commerce opens door for ethnic communities: Alibaba Sky-Vodafone merger canned but businesses will keep working together Chart of the day: How big is Southland's economy per person? Languishing malls must develop or die, say retail experts Support grows for drone register as CAA undertakes consultations A Team New Zealand win could put a $500m wind in our economic sails Taking the guesswork out of efficient farming Huge overhaul of ACC put on amber alert

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