Mortgage firm fined for late report

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

Relevant offers

Money

Matching yourself with a credit card Flexi Buy truck shop former director Vikram Mehta charged by watchdog Kiwis keeping partners in dark on finances Sir Edmund Hillary's daughter applauds 'beautiful' new NZ banknotes Most plan to hold onto KiwiSaver after 65 Money Week: Spending habits begin in the home New website aims to encourage investment KiwiSaver members need to take long-term approach to market volatility KiwiSaver showing worrying symptoms of ignorance Possible $29 million divorce wrangle reaches Supreme Court

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