The Financial Markets Authority has completed an inquiry into disclosure by ANZ of the sale of a St Heliers, Auckland, house to the wife of former ANZ CEO David Hisco. The sale has raised eyebrows for the price Hisco's wife paid - up to NZ$4 million below some independent valuations. The FMA says the bank should have disclosed the sale as a related party transaction in its 2017 financial statements "primarily based on the nature of the transaction which, in [its] view, makes this disclosure material for the financial reporting purposes. It says the price paid "is the matter for other agencies to consider". It has informed both the RBNZ and ASIC of its decision and said it expects ANZ to review its internal financial reporting in light of this issue. But ANZ is pushing back, saying neither it nor its external auditor considered the house sale to be material to the bank's financial performance and financial position."ANZ disagrees with the FMA's finding as it considers the transaction not to be material information on the basis that this disclosure could not influence the economic decisions of the users of financial statements," the bank said."ANZ New Zealand and its Board takes financial reporting obligations very seriously and acknowledge that the FMA has reached a different conclusion to that reached by ANZ New Zealand and its external auditor as to the disclosure of the transaction.  "ANZ New Zealand welcomes this opportunity to gain further clarity on the FMA's expectations regarding the disclosure of related party transactions, and as a result of this matter will consider the impact on its internal financial reporting processes and continue to enhance those processes, where necessary."