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JUNE 2019
FMA Update:
Sharing our focus for the year ahead
Hi
Welcome to this month’s FMA Update. There’s been a lot happening, with this week’s publication of our Annual Corporate Plan and Strategic Risk Outlook. It’s also been an important month for our continued work around financial adviser licensing.
Our CEO Rob Everett talks about the ACP and our priorities
We’ve just released our Annual Corporate Plan that sets out our priorities for the year ahead. These are based on the strategic risks to our objectives.
Start date set for transitional licensing for financial advisers
We will start accepting transitional licensing applications from Monday 4 November 2019 and have prepared information to help advisers consider some of the different ways they can operate under the new regime.
We’ve just released our latest annual Investor Confidence Survey that shows confidence in New Zealand’s financial markets has remained stable over the past two years, despite volatile global markets and a focus on the culture and conduct of major financial institutions.
Cyber-resilience in FMA-regulated financial services
We have published the findings of our thematic review of cyber-resilience in New Zealand financial services. The report includes guidance for firms in areas where we have identified the need for improvement. It will be useful for our regulated sectors, to help ensure they comply with our expectations and best practice.
We’re continuing our work educating New Zealand investors about some of the risks around cryptocurrencies and financial scams. With a lot of interest in the recent announcement of the Facebook- backed “Libra” cybercurrency, we are resuming our digital advertising campaign, which began last year.
Managed Funds – Exemption from Loan Disclosure Requirements
A class exemption was granted this week to provide managers of certain schemes that invest in secured loans with relief from the requirements to name borrowers in quarterly fund updates or on the register entry for the offer. Alternative information about the secured property must be provided instead, that will be more useful for investors. The exemptions come into force on 1 August 2019.
We issued comments on the action taken by investors in Ross Asset Management against the ANZ Bank. Their decision to take action comes after a long legal battle that went to the Supreme Court over the bank’s challenge to the FMA on providing relevant information to the investors.
Speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered at the Cambridge Centre for Alternative Finance annual conference, Judge Business School.
