FMA cancels firm's licence that didn't live up to its name 'Integrity'

The FMA's director of specialist supervision and response, Peter Taylor, said: “Contrary to its name, this firm lacked any integrity with its clients." (Image: FMA)

Staff reporters

Wed, 04 Sep 2024

The Financial Markets Authority is cancelling the licence of a financial advice provider for serious misconduct, including misleading customers and charging excessive cancellation fees.The licence was held by Christchurch-based Integrity Advisers Insurance Limited (Integrity), which served approximately 500 retail customers, many of whom were Filipino.The company’s sole director and shareholder is Yuriy Bazhak, a financial adviser at Integrity. Integrity by name but not natureThe Financial Markets Authority (FMA) said contrary to th...

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