Collapsed insurance, KiwiSaver adviser owes $8m, liquidator estimates

Michael Moran is the former chief financial officer of NZME. (Image: NZME)

Fri, 08 Dec 2023

The liquidator of a collapsed insurer that provided advice on KiwiSaver estimates that it owes roughly $8 million.Set up in 2020, Foundation Advice was put into liquidation by the high court in late October after an application by the Inland Revenue Department.It was licensed by the Financial Market Authority (FMA) as a financial advice provider (FAP).After initially being issued a transitional licence by the FMA in March 2021, it was issued with a full licence in October last year.However, it was deregistered from the financial servi...

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