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

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 >

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.

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 >

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.