The Financial Markets Authority is updating the market today on the progress of its finance company investigations.

The authority's latest high-profile cases have included probes into Hanover Finance and South Canterbury Finance and action against Bridgecorp directors including Rod Petricevic.

The authority froze former Hanover director Mark Hotchin's assets in December but has yet to issue proceedings against him or indicate what any charges would be.

But it says it is investigating whether the registered prospectuses of Hanover Finance, Hanover Capital and United Finance breached the Securities Act when Hotchin was a director of all three.


The authority shut its SCF probe in June, saying it was offering the Serious Fraud Office assistance if needed. The authority alleges Bridgecorp directors misled investors about the company's financial health.

The authority started on May 1, replacing the Securities Commission. Its aim is to restore investor confidence in financial markets. Simon Allen, authority chairman, and Sean Hughes, chief executive, will make their presentations today.