Mortgage firm fined for late report

MICHAEL FOREMAN
Last updated 10:03 06/03/2014

Relevant offers

Money

More Aucklanders can't afford heating Cure your Christmas spending hangover Banks muscle in on finance company space Allan Hawkins firm charged by Commerce Commission Smelting trash into treasure Franchisee fed up as assurances fall flat BNZ warns customers to beware scammers Foil the fraudsters this festive season How to pick the best credit card Co-operative Bank hit by phishing scam

Prudential Mortgage, a contributory mortgage broking firm, has been convicted and fined $2000 for failing to file its annual report on time.

Prudential pleaded guilty to the charge that it had not delivered the report to the Registrar of Companies by June 30 last year.

The charge was laid by the Financial Markets Authority (FMA) under the Securities Act. The maximum fine is $5000.

''This case is a timely reminder to those taking investments from the public of the importance of full and accurate disclosure of financial information to investors, and that there are consequences of failing to comply with this fundamental obligation,'' said FMA head of enforcement Belinda Moffat.

Reporting and disclosure by contributory mortgage brokers, including in annual reports, allows investors and potential investors to understand the details of the broker's financial position, the FMA said.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content