You are subscribed as [email address suppressed] | Preference center

| View Online
5 November 2020
FMA Update 02 July, 2020
Tough times ahead, but customers still come first

It's been a tough year for many in the financial services sector, but FMA chief executive Rob Everett has told the Financial Services Council’s 2020 'Generations' conference that he hopes to keep seeing "a continued and relentless focus on operating in the best intererests of customers".

Read a summary of his speech here or watch a video of his presentation here.


Proposed guidance on KiwiSaver unreasonable fees test

We have published draft guidance on the FMA's approach to the unreasonable fees test in the KiwiSaver Act 2006.

The guidance is open for consultation to the public for six weeks.

A draft paper sets out the FMA’s regulatory approach to the statutory requirement that KiwiSaver fees must not be unreasonable and the related overarching statutory duties.

Read more here and keep up to date with all FMA consultation by checking on our website here.

New appointments for innovation, integrated financial system

FMA has made two key appointments reflecting its increasing focus on both fintech innovation and the shift to an integrated financial system.  

Binu Paul, a successful fintech innovator has been appointed Specialist Lead, FinTech, while Fiona Whyte, who has a banking and regulation background has been appointed Specialist Lead, Integrated Financial System.

Read more about the new appointments here.

Read an article from Binu about some of 2020's 'silver linings for the NZ fintech sector' here.


Fiona Whyte (L) and Binu Paul (R) 

Customer understanding and demystifying insurance

One of the key challenges facing the insurance industry is the need to help customers understand how their policies work and exactly what it is they’re covered for.

FMA Director of Banking and Insurance Clare Bolingford spoke to the Financial Services Council's conference about the insurance sector and her expectations. 

Read more from Clare here.

New advice regime countdown: release of full licensing application guide

The FMA will this month release guidance on how to apply for a full licence in the new financial advice regime.

The Financial Advice Provider Full Licence Application Guide will be available on the FMA website, and will give financial advice providers a first look at what to expect when the FMA starts accepting full licence applications from 15 March next year.

To coincide with the guide’s release, Financial Advice New Zealand is hosting a launch event, which will be livestreamed nationwide from Christchurch. Key members of the FMA team will share an overview of the full licensing application process, and will also be on hand to answer any questions you may still have about getting prepared for the new financial advice regime. 

As at 1 November 2020, 1112 transitional Financial Advice Provider licences have been granted. For more information on the new regime, and your licensing options see the FMA website.

To attend the free launch event, register here.


Recognition of Australian adviser qualifications

When the new financial advice regime comes into effect, we are proposing to recognise individual Australian advisers if they hold certain Australian adviser qualifications.

We are seeking submission this proposal until Friday 20 November.

Find out more and have your say here.

Mary Holm investor Q & A for World Investor Week

Check out our live webinar with personal finance expert Mary Holm and the FMA's Gillian Boyes answering investor questions as part of our World Investor Week event.

See the webinar here.

Advertising offers of financial products consultation

Advertising is a topic that is frequently brought to our attention, and is an area of concern due to the influence it may have on investor knowledge and behaviour. 

We are about to seek submissions from the public on our draft guidance note on this topic.

The consultation paper will be published this month here and submissions close in mid-February 2021. After we consider all submissions, we intend to finalise the guidance note and publish it on our website.

Temporary manager appointed after removal of Funds Managers Otago

A temporary manager has been appointed to manage three schemes previously operated by Fund Managers Otago Limited (FMO).

The FMA has appointed KPMG Restructuring Services NZ Limited as temporary manager after the schemes’ supervisor, Trustees Executors Limited, determined it was in the best interests of investors to remove FMO as manager of those schemes. 

Read more here.


Financial Markets Authority

Level 5, Ernst & Young Building
2 Takutai Square, Britomart
Auckland 1143
New Zealand Government

Copyright © 2020 Financial Markets Authority.