FMA | FINANCIAL MARKETS AUTHORITY | TE MANA TATAI HOKOHOKO

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SEPTEMBER 2019

Minister’s statement on new remit

for banking and insurance

The Government yesterday announced it would introduce legislation to create an oversight regime for regulating conduct in the banking and insurance sectors.

Read more about the announcement from Commerce and Consumer Affairs Minister Kris Faafoi here. And more detail about the proposed changes on the MBIE website

FMA chief executive Rob Everett welcomed the news on Wednesday, saying the FMA and Reserve Bank had highlighted gaps in the regulation of banks and insurance in their joint thematic reports on conduct and culture in both sectors.

“The Government has said today it intends to close these gaps and give us the mandate to implement and enforce conduct obligations across both sectors,” he said.

“We look forward to working with industry to implement any changes passed by Parliament to ensure banks and insurance companies serve the needs of their customers.”

World Investor Week 30 Sept – 4 October

Next week securities regulators on six continents will be raising global awareness about the importance of investor education.

In New Zealand, we’ll be launching a new investor guide to help people better understand managed funds and ETFs. The New Zealand Shareholders Association is also supporting the week with the following investor events:

Green Guidance

We’ve released a consultation paper asking for opinions around the promotion and disclosure of ‘green ‘ investments. See details and deadlines here:

View Report

Financial advisers check out new transitional licensing process

Financial advisers across NZ have been getting a first-hand look at the new transitional licensing process that opens in November.

Show Me The Money, Honey

Over a hundred women joined our Money Week investing seminar for women in Tauranga.

Opportunity for all Kiwis in Capital Markets 2029 report

NZX and the Financial Markets Authority (FMA) earlier this month welcomed the release of the Capital Markets 2029 report, saying the 10-year vision and growth agenda would create more opportunities for Kiwis to grow personal wealth, help New Zealand businesses to prosper, and help future-proof the country’s economy.

View m edia release

Ngā mea waiwai o te tūranga whakataka - IoD and FMA release te reo Māori directors’ guide

The Financial Markets Authority (FMA) and Institute of Directors (IoD) this month released a te reo Māori translation of The Essentials of Being a Director, coinciding with Māori Language Week.

Check it out here

FMA cancels Barry Kloogh’s financial adviser authorisation

The Financial Markets Authority (FMA) has cancelled the authorisation of Dunedin-based Mr Barry Edward Kloogh to act as a financial adviser, as a result of concerns regarding compliance with his broker obligations under the Financial Advisers Act 2008.

Read full media release

FMA and RBNZ disappointed with insurers’ response to conduct and culture review

The Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) released their findings on life insurers’ responses to the joint Conduct and Culture Review.

Read full media release

We’re Hiring

Join a vibrant and dynamic team that embraces work-life balance, a commitment to employee wellbeing, and opportunities for learning and development.

View our Vacancies

Recent warnings and alerts

20 September 2019

WFE Capital

We are concerned that WFE Capital is involved in a scam. WFE Capital is not licensed or registered to provide financial services in either New Zealand or Hong Kong.

13 September 2019

Ashwood Holdings Limited

We are concerned that Ashwood Holding Limited and www.ashwoodholdingsltd.com could be involved in a scam which is associated with Grace Investment, Regal Investment, and Duke Valentines Limited.

24 June 2019

TradeLTD

The FMA recommends exercising caution before dealing with TradeLTD and the website www.tracleltd.com as TradeLTD is not listed on the FSPR and Is not an incorporated company in New Zealand.

9 September 2019

Christoph Feymann Capital

We have received complaints about unreasonable withholding of client funds by Christoph Feymann Capital. It is not registered as a financial service provider in New Zealand, therefore, it is not permitted to provide financial services to New Zealand residents.

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Financial Markets Authority

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2 Takutai Square, Britomart
Auckland 1143

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