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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

On the Money

On the Money: A sports star joins Craigs, Vero centre and more

Mark Mitchell's fitness regime, Canadian billionaires, and more.

Victoria Young 22 Mar 2025

Opinion

Simon Robertson: The brewing Silicon Valley storm

An enormous amount of capital will vaporise during the epic tech battle.

Simon Robertson 22 Mar 2025

Technology

Why are the young so vulnerable to phishing scams? Blame fomo

Making quick, instinctive decisions gets frequent social-media users in trouble.

The Wall Street Journal 22 Mar 2025

Why are the young so vulnerable to phishing scams? Blame fomo

Sponsored

The new face of luxury Scotch: Harrison Ford, the Traitors castle and an E-Type Jag

Harrison Ford’s Glenmorangie campaign breaks all the rules.

Glenmorangie Whiskey

Sponsored

Mastering market swings

ETFs can be a "smart" way to build a long-term, diverse portfolio.

Smart

More Finance

Finance

FMA files criminal charges against David McEwen

New Zealand’s financial watchdog has filed criminal charges against former financial adviser David McEwen for allegedly failing to comply with a stop order, which prevented him from contacting potential investors.The Financial Markets Authority (FMA) had made a permanent stop ord...

Staff reporters 18 Mar 2025