Charges against two others associated with the company were dropped before the trial began.
When the SFO laid charges in December 2011, then-FMA chief executive Sean Hughes said it was examining avenues to take civil proceedings to recover some of the money paid to SCF investors under the Crown retail deposit guarantee scheme.
Asked about the matter this week, an FMA spokesman said: "FMA has not initiated civil proceedings against the directors or related parties of SCF.
"FMA has an open inquiry which is considering whether there are any other issues that may justify action.
"As part of this inquiry, FMA has monitored progress of claims taken by Crown Asset Management Limited and the receivers. We expect that inquiry to be concluded shortly."
The authority spokesman said the inquiry had remained open since the SFO case was announced.
"We are considering the judgement and the issues raised in it, and will conclude our inquiry shortly," he said.
Because of South Canterbury Finance's participation in the retail deposit guarantee scheme, 35,000 investors were bailed out by the taxpayer to the tune of $1.6 billion when the company collapsed - of which $800 million has been recovered from other parties.
The most serious charge in the SFO case alleged that Sullivan, McLeod and White helped deceive the Crown into letting the finance company into the scheme.
Justice Heath found the charge was not proven.
