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NZ regulator cracks down on register rogues

New Zealand’s Financial Markets Authority says it will act against rogue directors in a crackdown on misuse of the Financial Service Providers Register (FSPR).

Businesses and individuals abusing the public register of financial services providers remains a major source of complaints, the regulator says.

“These complaints are focused on New Zealand-registered businesses on the FSPR that have a substantial part or all of their business overseas,” the regulator says.

“We will take action to deregister these businesses and individuals to ensure they are not using FSPR registration to benefit commercially by trading off New Zealand’s reputation.”

The regulator’s enforcement powers range from administrative orders and warnings to criminal charges.

FSPR registration was made compulsory in December 2010 for businesses and individuals providing financial services.