NZ Engine

Source: Budget 2025 – Greenpeace braced for ‘scorched earth’ budget from Govt

Media Release
MR No. 2025 – 14

Westpac is to pay a penalty of $3.25 million for misleading customers entitled to advertised discounts as well as overcharging some of its business customers. Westpac admitted its conduct in civil proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – at the High Court in Auckland in December 2024.

Westpac’s breaches of the fair dealing provisions under the Financial Markets Conduct Act 2013 (FMCA) affected a total of 24,621 customers and resulted in $6.35m in overcharges. Westpac admitted having made misrepresentations in respect of the following historic issues:

• Customers entitled to various benefits under Westpac’s Employee, Gold and Platinum (EGP) packages failed to receive the advertised discounts
• Personal and business banking customers failed to receive benefits under one of Westpac’s other advertised packaged arrangements
• Westpac failed to honour agreed pricing for business customers who held a “Business Transact Account”.

FMA Head of Enforcement, Margot Gatland, said, “Westpac’s issues stemmed from deficiencies in its systems that meant the bank failed to deliver contractually agreed discounts to their customers. Westpac used preferential pricing to attract and retain customers, without having systems that could reliably deliver on those promises.”  

Westpac has remediated impacted customers. “The FMA acknowledges Westpac’s full cooperation throughout the FMA’s investigation, and the work it undertook to remedy the issues,” said Ms Gatland.

“The $3.25 million penalty against Westpac reflects the number of customers affected,” Ms Gatland said. “The relationship between financial institutions and their customers must be one of trust. Customers should rightfully expect to be treated fairly and that agreements between the two parties will be honoured.”

In his penalty decision Justice Venning said, “I accept Westpac’s submission there is no suggestion that its conduct was deliberate or wilfully misleading, nor that there was any intention to intentionally deprive customers of benefits. While it had in place systems, the systems were insufficient.”

ENDS

Media contact

If you have any questions about this media release, please contact [email protected]

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Related

FMA v Westpac – Judgment [PDF 265KB]

Westpac admits to misleading representations that resulted in $6.35m in overcharges
 

Source: Budget 2025 – Greenpeace braced for ‘scorched earth’ budget from Govt

Media Release  
MR No. 2025 – 13

Kok Ding Cheng, an experienced retail investor, has been ordered to pay the Crown a pecuniary penalty of $198,000, following a civil proceeding brought by the Financial Markets Authority (FMA) – Te Mana Tatai Hokohoko for market manipulation.  

The FMA’s case centred on five small orders for of NZX-listed shares of Rua Bioscience Limited (RUA) that Mr Cheng made over a 10-day period during late 2020 via a broking account he held with ASB Securities.  The Court found in making each of those five orders, which ranged from $59 to $540, Mr Cheng breached s265 of the Financial Markets Conduct Act 2013 which prohibits trade-based market manipulation.  The Court found that Mr Cheng deliberately placed the orders for the purpose of increasing the price and/or demand for Rua shares.

Mr Cheng did not file a statement of defence during the proceeding, and so the proceeding progressed by way of formal proof hearing.  

FMA Head of Enforcement, Margot Gatland said, “Mr Cheng’s orders lacked a genuine commercial purpose and were instead made for the purposes of increasing the price and/or demand for RUA shares at a time when he held a material shareholding in the company.  

“Market manipulation undermines confidence in financial markets because it means investors can’t trust prices or market activity to be genuine. We take cases of market manipulation seriously to ensure New Zealand’s markets reflect genuine supply and demand, in order to preserve their integrity and reputation.

“We considered Mr Cheng’s conduct warranted a strong response to deter market manipulation. This case and the Judge’s ruling are important reminders that trade-based market manipulation can occur when trading through online share brokerage accounts. Investors should be careful to understand their obligations when trading online, as trading listed shares for disingenuous reasons can result in liability.” 

The $198,000 is to be paid to the Crown after it is first applied to the FMA’s actual costs in taking the case. 

ENDS 

Media contact  
If you have any questions about this media release, please contact [email protected]   

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Related links  

FMA vs Cheng Judgment [PDF 415KB]

FMA files market manipulation case against Kok Ding Cheng for trading of Rua shares

Source: Budget 2025 – Greenpeace braced for ‘scorched earth’ budget from Govt

Media Release  
MR No. 2025 – 12 

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has announced the six fintech firms who will be testing their innovative products, services or business models in the FMA’s pilot regulatory sandbox.  

The successful fintech firms are: 

Fintech firm	Details on their intentions
ECDD Holdings Limited	ECDD Holdings Limited (part of the exchange service Easy Crypto) intends to launch a yield bearing NZD-backed stablecoin and to generate revenue from interest earned on money held on trust in interest-bearing accounts.
Emerge Group Limited	Emerge is a digital banking alternative offering products like debit cards, current accounts, and in-app expense tracking. Customer funds are currently held in trust with a partner bank but Emerge aims to transition to higher yielding options such as government bonds.
Homeshare	Homeshare offers investors the opportunity to own a fractional share of real estate, with each property divided into 1,000 equal shares. These shares are tokenised and can be bought and sold via an online platform.
IndigiShare	IndigiShare aims to improve access to capital for Māori entrepreneurs and small businesses. It seeks to offer Te Whare Manaaki (a koha loan platform), as a way to lower barriers to entry for indigenous businesses and enable community entrepreneurship.
Invest in Farming Co-op	IIF (Invest in Farming) is an Australian-based cooperative that connects investors to farming by digitising ownership of livestock, aquaculture, horticulture, and agriculture. It allows investors to own a share of agricultural assets, where investment returns are unlocked on the sale of the stock or crop.
Tandym Limited	A group investment platform enabling people to form groups and build wealth together in a social and engaging way – while removing administrative burden.

FMA Executive Director Strategy and Design Daniel Trinder says, “We offered this pilot sandbox to spur innovation for both startups and established licensed financial institutions. We received 24 applications to be part of the sandbox and went through a thorough review process to determine which of the firms would be chosen to be part of the pilot.” 

The criteria used to determine the final six was: 

• genuine innovation exists that is either unique or solves an existing issue, 
• likely benefit to consumers,  
• the product or service does not pose high risk of causing consumer harm, 
• there is a demonstrated need to be in the sandbox, 
• the firm is ready and has a product to test, and  
• the management team have appropriate experience and skills to execute the sandbox testing plan. 

“During the pilot they can test new products and services in a controlled environment, helping them to obtain a deeper understanding of supervisory expectations,” says Daniel. “The opportunity to adjust a product or service before full commercial launch may also help reduce costs for firms. 

“We see clear benefits for the FMA too. By working closely with the firms during their time in the sandbox, we expect to gain greater insights into the benefits and risks of financial innovation and new technologies. Experiences gained through such a testing phase should allow us to react faster and more effectively to any potential regulatory and supervisory problems. It should also highlight gaps around investor and customer protection, allowing development of more appropriate and timely solutions.” 

The FMA is committed to supporting financial services innovation and is grateful for the constructive work and support from FintechNZ throughout the process. 

ENDS

Background 

You can read more about the launch of our regulatory sandbox pilot on our website

FMA launches regulatory sandbox pilot

Innovation

Media contact 

If you have any questions on this media release, please contact [email protected]  

Source: Auckland Transport

Date: 21 May 2025

Auckland Transport is throwing its support behind Auckland FC as the Black Knights continue their charge to capture football’s A League crown in their inaugural season. 

Having already claimed the Premiers’ Plate by finishing top of the table, Auckland hosts Melbourne Victory at Go Media Mount Smart Stadium at 6pm this Saturday May 24 in the second match of a home and away semifinal, with the winner booking a place in the Grand Final. 

While Auckland won the first match 1-0 In Melbourne, the team will still need home fans to bring the noise this weekend and AT is coming to the party, offering free travel on buses and trains included in match tickets. Special Event buses will also be running from Albany, stopping at all Northern Busway stations before heading to the stadium. 

Match ticket holders can simply show their ticket to the bus driver or train staff member when boarding and remember to keep their tickets for the ride home.  

The Special Event bus drivers will be showing their support, being decked out in Auckland FC scarfs and there will be free face painting at Albany Bus Station and Waitematā (Britomart) and Newmarket train stations. There will be a Soccer Shootout event at Britomart’s Te Komititanga Square to put your skills to the test and Pacific drummers playing outside Penrose Station to hype fans up on their way to the match. 

AT CEO Dean Kimpton says with more than 28,000 fans expected at Mount Smart, AT is pleased to be able to support them to get to the game efficiently and safely. 

“As a fan of the Black Knights’ and their outstanding season, it’s been fantastic to enjoy the real buzz around the city and beyond they have brought to us. It’s going to be a big weekend for Auckland so we’re asking people to plan their trips ahead of time so they can travel smoothly,” Mr Kimpton says. 

“Just like after all big events in Auckland and around the world there may be a bit of a wait while our team works hard to help get you home onboard our buses and trains.” 

Fans of the oval ball will also be able to enjoy free travel on buses and trains included in match tickets and free face painting at Albany Bus Station for this weekend’s Black Ferns clash with USA at North Harbour Stadium. 

Source: Auckland Transport

Date: 13 May 2025

Auckland Transport (AT) and the NZ Transport Agency Waka Kotahi (NZTA) are collaborating to tackle congestion in Mt Wellington.

AT is planning to create new transit and heavy vehicle lanes on two major roads that feed vehicles to and from State Highway 1 (SH1) in the afternoon and is now seeking public feedback on the proposal.

The lanes will make travel quicker and more reliable for delivery vehicles, buses, and people carpooling, says AT’s Road Network Optimisation Manager Chris Martin.

“Our analysis shows that 11 percent of vehicles moving through here are heavy vehicles or trucks carrying goods, which is higher than normal in Auckland. It would be fantastic to get these vehicles that are essential to our economy out of traffic and moving more efficiently.”

“On Sylvia Park Road, the road is wide enough for us to add another lane, but this will require painting broken yellow lines on the other side of the road so that one or two parked cars don’t block the road for everyone else,” he says.

“On Mt Wellington Highway, we are at the point where we need to reallocate the lanes on both sides, so that we can improve productivity and essentially move more people through the same road space.

“These roads are already very busy with more people living and working in the area. We expect these roads to get busier once IKEA opens, so we’re planning now to get ahead of the congestion crunch,” Mr Martin says.

AT’s proposals will link existing transit lanes on Great South Road and Atkinson Road and tie in with NZTA’s work.

NZTA is currently making changes to improve the traffic flow onto the motorway and reduce congestion at the Mt Wellington Highway interchange. The improvements include expanding the current two-lane onramp into three lanes on the southbound approach to SH1 as well as converting the existing give-way controlled left turning southbound slip lane into a signalised pedestrian crossing.  This will allow three lanes of traffic on the on-ramp to reduce the number of vehicles queueing on this busy road.

The motorway improvements will ensure that unless a pedestrian wants to cross the road, the slip lane will aways be green to allow a free-flowing left turn, plus a third on-ramp lane will let vehicle movement to continue even when double lane traffic is turning right from the south.

Auckland System Management (ASM) began construction works on the motorway improvements last month.

“The project’s primary goal is to ease congestion at the Mt Wellington Highway interchange, particularly for those heading south to the SH1 motorway and improve pedestrian safety,” says Paul Geck, Alliance Manager, ASM.

Both AT and NZTA’s plans are designed to be implemented quickly for the 20,000 plus vehicles that use these roads daily. NZTA’s works are taking place at night and are expected to be complete in July 2025. 

Ward Councillor Josephine Bartley is encouraging people to tell AT what they think of the proposal.

“AT’s job is to make the road network as efficient as possible. It’s good to see that AT and NZTA are working on this together and I am cautiously optimistic that this will help everyone spend less time in traffic in the evening. 

“If you live in the area, work in the area, or travel through the area, take a look at what’s proposed and consider how it could improve the local road ecosystem,” she says.

Feedback is open on AT’s proposed changes for Keeping Mt Wellington Moving at haveyoursay.at.govt.nz until 8 June 2025.

Source: New Zealand Police

Number 2 Line near Okoia, Whanganui, is closed after a crash.

At around 7pm emergency services received reports of the crash east of Whanganui, between Portal Street and Hikuawa Road.

The Serious Crash Unit is attending, and diversions are being put in place.

Motorists are asked to avoid the area.

Information on the crash will be updated proactively.

ENDS

Issued by the Police Media Centre.

Source: NZ Music Month takes to the streets

Thank you to Foreign Minister Herath for the warm welcome to Sri Lanka. The New Zealand delegation is delighted to be here to further strengthen the warm relationship between New Zealand and Sri Lanka.

Relations between our countries are long-standing. Our trade dates from the 1860s and sporting connections to the 1920s. New Zealand was one of the first countries to recognise Sri Lanka’s independence in 1948.  

Our modern relationship is growing, thanks to investments by both countries. We are pleased the establishment of New Zealand’s High Commission in Colombo in 2021 was followed by the opening of a Sri Lankan High Commission in Wellington this year. These commitments will enable our trade, cultural and political engagements to grow for mutual benefit.

For nearly 75 years, education has been a pillar of the relationship, starting with the training of Sri Lankan dental nurses in New Zealand under the Colombo Plan. Now we can count over 200 Sri Lankan alumni of New Zealand scholarship programmes.  

We are delighted to note further strengthening of these links through cooperation on tourism research between New Zealand’s University of Otago and the University of Colombo.

For many years, the New Zealand-Sri Lanka relationship has also encompassed development cooperation aimed at strengthening resilience in vulnerable communities, increasing food security, and contributing to disaster response.  

We are proud today to announce another such link, the Sustainable Water and Livelihoods project which will support farming households to improve their health and income generation.

On security, we shared views on the increasingly challenging global environment and the interconnected challenges for development, trade and security in the Indo-Pacific region. We remain committed to our cooperation across immigration, customs, police and defence.

We discussed the growing number of New Zealand companies working with and investing in Sri Lanka or looking to work with Sri Lankan partners.  

Many of these collaborations will deliver benefits for Sri Lanka in the tourism, agriculture, and healthcare sectors.

We also discussed the key role government-to-government cooperation between our food safety and border agencies plays to improve food safety standards, reduce red tape at the border, and increase Sri Lanka’s market access capabilities.

We reiterated that Sri Lanka’s application to accede to the Regional Comprehensive Economic Partnership (RCEP) Agreement is very welcome.  

We are pleased to confirm that places on short term training courses in trade policy will be offered to Sri Lanka officials under the Manaaki New Zealand Scholarship Programme.  

Naturally we discussed our two nations’ shared passion for sport and noted the success of the recent tour by the New Zealand men’s under 85kg rugby team, playing against Sri Lanka’s Tuskers. We look forward to further future battles between New Zealand and Sri Lankan teams on the rugby pitch and the cricket field, both the men’s and women’s teams. 
 

Thank you once again to Foreign Minister Herath, the government, and the people of Sri Lanka for your warm hosting of our lucky delegation.