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6 October 2020
FMA Update 02 July, 2020
World Investor Week 2020

It’s World Investor Week (5–11 October) and we're taking the opportunity to remind investors how to protect themselves from the risks of investing.
Our main activities include:

A live Q&A webinar on Thursday (8 Oct) with the FMA’s Gillian Boyes and finance writer Mary Holm answering investor questions. See the Facebook Event here.

We've also published 'Hits & Myths: an introductory guide to investing by Mary Holm'. Download it here.

For more, see our World Investor Week webpage here.

KiwiSaver Annual Report 2020

The FMA's KiwiSaver Annual Report for the year ended March 2020 has just been released. It shows KiwiSaver has continued to grow despite market volatility and economic uncertainty caused by COVID-19.

Read more and download the report here

See FMA Director of Regulation, Liam Mason discuss the new report in a 2-minute video here.

Supervision insights report

A new FMA report on our recent supervision monitoring activity has found that while many firms are working hard to meet our expectations, there’s also cause for concern, particularly in governance, conduct and culture, and compliance. 

Read the report and foreword by FMA Chief Executive Rob Everett here.

Financial advisers: Head into summer with your licensing decision sorted

Financial advisers can expect a timely reminder about the new financial advice regime from the Companies Office and FMA this month. Reminder emails are being sent to every AFA and RFA registered on the FSPR who has not yet applied for a transitional licence.

From Monday 15 March 2021, anyone who offers financial advice to retail clients must either hold a transitional licence, or be engaged by a licensed financial advice provider. As at 27 September 2020, an estimated 7315 financial advisers had been covered under a Financial Advice Provider licence – either their own or someone else’s.

If you’ve still got a licensing decision to make, check the steps  you still need to take by visiting the Financial Advice Provider or Financial Adviser pages on our website, then make a plan to get it done soon, so you can head into summer knowing your future is sorted.

CLSA prevented from offering derivatives

The FMA has imposed conditions on the derivatives issuer licence of CLSA Premium New Zealand Limited (CLSAP NZ) that prevent the firm from making an offer to, or receiving further funds from, retail investors in relation to derivatives, except in certain limited circumstances.

The FMA has found that CLSAP NZ failed to meet some of its audit and assurance obligations for 2019 and it is not confident the firm will be able to meet those obligations in the near future.

Read more from the press release here.

Scam targets China-NZ money transfer

The FMA has issued a warning to people to be wary of scammers attempting to impersonate the FMA as part of a money transfer scam.

It reminds people to be sure to only transfer money through businesses on New Zealand’s Financial Service Providers Register and not to fall for the scammers’ line that you must pay more money to release your original funds.

Read more about a recent money transfer scam here or in Mandarin here.

Forestlands prosecution

The FMA has filed criminal charges in the Nelson District Court against Rowan Charles Kearns, the founder and sole director of the Forestlands group.

They are in relation to the Forestlands group of companies, for alleged disclosure and financial record keeping breaches. From 1998 to 2011 Forestlands New Zealand Limited and its 18 related companies were incorporated, which each raised up to $2.75 million from the public via share offer.

Read more about the charges here.

Interested in a career with New Zealand's financial regulator?

Join an organisation that gets better outcomes for investors, customers and New Zealanders, and lets you "Lead. Learn. Live".

For more about work at the FMA, including current vacancies, see our new careers website and check out our current vacancies here.

Follow the FMA on social media

We regularly post announcements, events, media releases and public consultation requests on our social media channels.

Check us out on LinkedIn Facebook and now Instagram


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