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

Collapsed insurance, KiwiSaver adviser owes $8m, liquidator estimates
Michael Moran is the former chief financial officer of NZME. (Image: NZME)
Riley Kennedy
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...

More Finance

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024
ComCom will try to bring down PayWave, credit card surcharges
Finance

ComCom will try to bring down PayWave, credit card surcharges

Card industry tried to regulate itself, Govt has tried, now it is ComCom's turn.

Staff reporters 23 Jul 2024
Massive cyber outage cripples banks and other organisations worldwide
Finance

Massive cyber outage cripples banks and other organisations worldwide

A major cybersecurity outage has taken out computer-reliant services

Dileepa Fonseka 19 Jul 2024