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The Financial Markets Authority has censured Pathfinder Asset Management for misleading promotions of its KiwiSaver Funds ethical investments. The marketing campaigns relate to investments in companies involved in animal testing and fossil fuels. A censure by the authority is effectively a public warning and does not involve further penalties.
The Financial Markets Authority (FMA) said Pathfinder made misleading statements in two advertisements on social media and its website between October 2021 and May 2024. In the social media promotion called “Tara’s story”, which ran for around 23 months, Pathfinder stated its funds did not invest in companies involved in animal testing..
