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FMA releases Annual Corporate Plan



Our plan for the year ahead

Rob Everett, Chief Executive, FMA


You may have read in the media that we have just published our 2018-19 Annual Corporate Plan. It shows our objectives and work plans for the coming year, and it ties into our Strategic Risk Outlook and Annual Report as our core documents. They explain what we are striving to achieve and why - and how well that is going.

Our strategic priorities are consistent with last year and the year before, but this year we’ve added a specific focus on the regulatory perimeter and enforcement.


It is perhaps a good time to signal that our planned resource allocation will shift as circumstances evolve. The reallocation of resource to the Conduct and Culture Review of the major banks and life insurers is a good example.

As you would expect, our work programme continues to reflect our focus on conduct, and on the governance, systems and processes that deliver good conduct. We intend to drive improvements in those areas, to ensure customers are treated in a way that exceeds the standards and minimum requirements in the law.


We set this out in our Conduct Guide in early 2017. Fair treatment of customers is at the heart of the debate, both here and in Australia, on what is reasonable to expect from financial services firms that go beyond prescriptive legal requirements.


Dollar figures on KiwiSaver statements get people’s attention

This week we published the results of our KiwiSaver survey to see if members found that the addition of dollar figures on their KiwiSaver annual statements were beneficial. We are pleased to see the vast majority found both balances and fees in dollars useful, although mystifyingly, there are still some that don’t.


Money Week – Weathering the storms

Aligned with that, we are getting behind Money Week (3-9 September) to help improve people’s financial capability.  Our focus is on helping KiwiSaver investors become more confident, and on how to weather investment ups and downs. 


We are also putting on financial capability sessions for our own staff. This is something I hope more employers can offer in what is becoming an increasingly complex world in terms of planning for retirement and other major life events.


Rob Everett
Chief Executive

Asia Region Funds Passport industry day

The Financial Services Council is hosting an industry day on the Asia Region Funds Passport (ARFP) in Auckland on 21 September 2018. Regulators from New Zealand, Australia, Japan, Korea and Thailand will be attending and answering questions. If you are interested in attending this event, please contact See our website to find out more about the ARFP.



30 August

Consultation closes: Determining whether you are acquiring a business or assets. More >

31 August

Consultation closes: Exemptions, other legislative notices, and unnecessary compliance costs. More >

Consultation closes: Proposed exemption for restricted schemes from custodian assurance requirements. More >

Annual AML/CFT reports: Reporting entities supervised by us must submit their annual AML/CFT report through our online system between 3 July and 31 August 2018. More >

Crowdfunding and peer-to-peer lending providers annual regulatory return: Licensees must submit their annual regulatory return between 2 July and 31 August 2018. More >

30 September

AFA information returns: Submissions close Sunday 30 September 2018. More >

4 things you’ve been asking about financial advice changes

Parliament is currently considering changes to how financial advice is regulated in New Zealand, with the aim of improving access to high-quality financial advice for all New Zealanders. Read our latest update for answers to the top 4 questions you’ve been asking.




Money Week 2018

This year’s Money Week will run from 3-9 September.


To support the Commission For Financial Capability’s ‘Weather the Storms’ theme, we are developing an online quiz designed to help KiwiSaver members know how to manage their KiwiSaver account when markets get choppy. 

Look out for it in next month's update.




World Investor Week 2018

The second World Investor Week runs from 1-7 October.


This year our focus is to help investors understand the steps to take to become capable investors. 


If your organisation is interested in running an event in support of World Investor Week, please email





New guidance and publications

QFE insurance providers replacement business practices

Last month we released a thematic review focused on QFE insurance providers’ replacement business practices. It looks at how these providers’ policies and procedures are ensuring consumer protection. This work is part of a suite of reviews of conflicted conduct in the financial services sector. We will follow up later this year with a report on the structure of bank incentives. More >


MIS market index exemption and guidance

Last month we granted an exemption for managed investment scheme managers. MIS Managers are now no longer required to publish a market index in their quarterly fund updates if there is no appropriate broad-based securities index. The exemption has conditions attached – one of which is that managers use a peer group index instead, if this is useful to investors. More >

Intending to become an AFA?

If you plan to become an AFA using the old National Certificate in Financial Services (Financial Advice) Level 5, please submit your application no later than 1 November 2018. See our website for more details.



What's coming up

AML/CFT guidance on the managing intermediaries’ class exemption

This month we expect to issue updated guidance on how the FMA’s AML/CFT reporting entities may rely on the managing intermediaries’ class exemption. The Associate Minister for Justice renewed the exemption before it was due to expire on 30 June. Reporting entities may rely on the exemption when dealing with the customers of the managing intermediary, subject to conditions.


We’re hiring

Join a vibrant and dynamic team that embraces work-life balance, a commitment to employee well-being, and opportunities for learning and development.  Check our website to find out more.


FMA news

16 AugustKS members say dollar fee information is useful


14 August - Decision in the case stated procedure between FMA and the administrators of CBL Corporation Limited


9 August - FMA sets out its work plan for the year ahead


18 July - Customers not the focus of replacement business at large insurers


13 July - CBL investigation update

Industry insights

The trust deficit and superannuation

Australian Securities and Investments Commission


Estimating Cyber Risk for the Financial Sector

International Monetary Fund blog


The FCA’s approach to Brexit: our preparations and our vision for the future

Financial Conduct Authority

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