13 Sep 2013

FMA sends warning to Speirs Group director

7:32 am on 13 September 2013

he and the other directors likely breached the Securities Act.

A director of Speirs Group, Nelson Speirs, says he has received a letter from the Financial Markets Authority advising him that, as a director of the former Allied Nationwide Finance,

he and the other directors likely breached the Securities Act.

The FMA letter warned Nelson Speirs and his fellow Allied Nationwide directors they should have made better disclosure about the company's affairs.

However, the FMA has said it does not intend to take formal enforcement action at this time.

As a result of the letter, Speirs Group has registered an amendment to its current prospectus which outlines the content of the FMA's letter.