FMA lays criminal charge against former adviser for dishonest document use
The Financial Markets Authority has filed a criminal charge against former Auckland-based financial adviser Prem Gounder for allegedly submitting a false document in a client’s home loan application.
The charge, laid under section 228 of the Crimes Act 1961, relates to the dishonest use of a gifting certificate, which was reportedly presented as supporting evidence during a mortgage application while Gounder was still operating as a licensed financial adviser.
FMA signals firm stance on misconduct
FMA said the charge reflects its commitment to preserving integrity in New Zealand’s financial system.
“This type of alleged conduct damages trust and confidence in New Zealand’s financial markets and businesses,” said Margot Gatland (pictured), head of enforcement at the FMA. “The FMA is bringing this action to both prevent and deter others from doing this and to hold Mr Gounder to account.”
The charge was filed in the Manukau District Court, and while proceedings against Gounder have begun, the regulator confirmed that its broader inquiry into his actions—and those potentially linked to him—remains ongoing.
Reinforcing trust in financial services
Dishonest practices by financial professionals can erode public confidence in financial markets. FMA has consistently reiterated that any behaviour undermining transparency and compliance will be met with strong enforcement action.
Alongside enforcement, regulatory reforms are reshaping industry standards—most notably with the introduction of the Conduct of Financial Institutions (CoFI) regime.
Overseen by FMA, CoFI requires banks, insurers, and non-bank deposit takers to prioritise fair treatment of customers. Institutions must implement and publicly disclose a fair conduct program, giving consumers better insight into their rights and service expectations.
In parallel, FMA is conducting a review of the financial advice sector to improve accessibility and outcomes.
FMA Chief Executive Samantha Barrass said the review will examine consumer needs, business models, digital innovation, and barriers to providing advice—ensuring the sector remains effective and inclusive.
Together, these reforms aim to reinforce consumer trust and promote higher standards across New Zealand’s financial services.
