Happy Hills project website hidden at FMA's behest

An outline of 1142ha of land that could be home to a unique therapeutic spa project. Photo: Supplied
An outline of 1142ha of land that could be home to a unique therapeutic spa project. Photo: Supplied

A project to build an eco-friendly tourist village and therapeutic centre near Clyde has had to hide its website behind a password after running foul of the Financial Markets Authority.

Happy Hills project founder Hana Fisherova said representatives were contacted by the authority, which found its website and advertising material did not comply with sections of the Financial Markets Conduct Act 2013.

The authority said some wording on the website could be considered misleading and the proposed partnership might amount to an offer of a financial product, Ms Fisherova said.

She said it was not.

Hana Fisherova
Hana Fisherova

The group is asking people to participate in a crowd-funded venture and is offering shares to members of the public, with a discount offered to people living in the Central Otago and Queenstown Lakes region.

 

Ms Fisherova said that, after being contacted by the authority, Happy Hills declared on its website ''all actions will be done in the compliance with FMCA (NZ Financial Markets Conduct Act 2013 No 69)'', but the authority was not satisfied.

The website has since been altered, the link instead showing an email address to contact and a password required to open the site.

A spokesman for the authority said it was working with the company through some concerns it had.

simon.henderson@alliedpress.co.nz

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