The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has cancelled the managed investment scheme manager licence of Fund Managers Otago (FMO). This is the first time the FMA has proactively cancelled a MIS manager licence. James Greig, FMA Director of Supervision, said the FMA considered FMO’s material contraventions and determined it was no longer capable of being a fund manager. “Cancelling a licence is one of the strongest regulatory actions we can take and it’s not a decision we take lightly,” he said.