FMA raps Aurora Financial over the knuckles for misleading clients

The FMA's executive director of response and enforcement, Paul Gregory, said Aurora Financial’s misleading conduct was a “breach of trust and could erode the public’s confidence in financial advice providers”. (Image: FMA)

Ella Somers

Wed, 10 May 2023

Aurora Financial has come under fire from the Financial Markets Authority (FMA) over misleading existing and potential clients about KiwiSaver returns.The FMA said it was satisfied after a review that Aurora Financial “materially contravened” two market services licensee obligations – sections 19 and 22 of the Financial Markets Conduct Act 2013.Aurora Financial had recommended Aurora KiwiSaver scheme funds to clients or prospective clients during one-on-one advice sessions between September 2021 and May 2022.However, the Auror...

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