The market watchdog announced in May that it had removed 23 entities from the register since the start of 2015 and prevented a further 20 firms from completing registration.
By July, a further 21 companies had been removed from the register and another seven had been prevented from registering.
Since then, only 13 firms have been kicked off by the FMA, during a time when two appeals against deregistration went to the High Court.
In one case, Vivier and Company successfully appealed its expulsion, with Justice Timothy Brewer saying the FMA breached the firm's "natural justice rights" in failing to furnish it with more evidence and information about why the deregistration was sought.
The FMA is now challenging the decision, with the regulator and the company due in the Court of Appeal this morning.
Vivier is directed by Luigi Wewege, one of the central protagonists in the Len Brown infidelity scandal.
In the second case, Justice Gerald Nation found in the FMA's favour.
The judge upheld the FMA's decision to remove foreign exchange firm Excelsior Markets from the register, saying if the firm kept its registration people could be mislead into thinking it was regulated by New Zealand law.
The FMA said last month it would continue take action against those it considered should not be on the FSPR.