New Zealand regulator The Financial Markets Authority (FMA) has cancelled the licence of Foundation Advice after the business went into liquidation in October at the order of the High Court. 

The High Court order came following an application filed by the Inland Revenue Department and the Court appointed the Official Assignee as liquidator. 

FMA exercised its powers under the Financial Markets Conduct Act 2013 by cancelling Foundation Advice’s licence, effective November 17, the regulator said. 

Foundation Advice was an Auckland-based financial advice provider offering advice on life and health insurance as well as KiwiSaver. 

The Inland Revenue Department filed the liquidation application with the Court on June 30 and later in August placed an advertisement in the New Zealand Gazette – the official Government newspaper – about the application. 

The Inland Revenue Department cannot offer comment or information related to any specific taxpayer, either business or individual, it says in an email to insuranceNEWS.com.au.