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FMA Update November 2019

This month we published our annual Audit Quality report, supported the 2019 International Fraud Film Festival and opened transitional licensing for New Zealand's financial advisers. 

Our ease of doing business survey was released, which showed a high number of stakeholders agreeing that it was easy to do business with the FMA. 

Audit Quality Monitoring Report 2019  

Audit quality report

We have just released the 2019 Audit Quality Report, which focuses on the state of New Zealand’s auditors. It’s part of a 3-year monitoring cycle of licensed auditors and we’ve found that most had made improvements, but there are still some issues to address.

Hear more from Jacco Moison, Manager, Audit Oversight.

  China Singles Day 2019 FMA

China singles day

Singles Day is the biggest online retail day of the year. While shopping and spending was top of mind for many, we wanted to share our message about the importance of saving, investing and avoiding online investment scams with our Mandarin-speaking audience.

Here's FMA staff member Jess Li at the promotional installation in Takutai Square, in Auckland’s Britomart precinct. 

An FMA QR panel pointed to our landing page specially developed for the day.


Financial Adviser update


Transitional licensing opens

Financial Advice Provider Transitional Licensing opened this week and it’s been great to see the sector respond with the first applications arriving.

We’re looking forward to working with advisers to strengthen standards, lift consumer confidence and ultimately deliver better financial outcomes for all New Zealanders.

Thinking of applying? Use this checklist to get ready.


Ease of doing business survey

The FMA’s “Ease of doing business survey 2019” is a piece of research from a sample of our regulated populations and the stakeholders we deal with.

63% of stakeholders rated their dealings with the FMA over the last 12 months as 'very good' or 'excellent'.

Read more from the latest survey here




FMA successfully defends FSPR appeal by FXBTG Financial Limited

The Financial Markets Authority (FMA) has welcomed a High Court ruling upholding a direction by the FMA to de-register foreign exchange firm FXBTG Financial Limited.

Nick Kynoch, FMA General Counsel, said this was the fourth time the FMA had successfully defended an appeal against a direction to deregister.


Read More

New financial advice regime exemptions

The FMA has agreed, in principle, to grant some exemptions from the new financial advice regime. This includes one for Australian financial services licensees with no place of business in New Zealand, and a five year exemption for overseas custodians of client money and client property from the requirement to obtain an assurance engagement from a locally qualified auditor.

Full details here


Recent warnings and alerts


18 November - AG Markets

AG Markets claims on its website to be registered on the Financial Service Providers Register when it is not. The FMA is concerned that investors may be misled about the extent to which AG Markets is regulated under New Zealand law.

Read More

15 November - Profitix...

We recommend exercising caution before dealing with Profitix, Enigma GRC Limited and True Capital Pro as they are not listed on the FSPR and are not incorporated in New Zealand.

Read More


15 November - Crests Financial

We have received a complaint from a New Zealand resident who invested with Crests Financial, who are withholding the release of any funds.

Read More

12 November - GC Group

The FMA is concerned GCG’s website contains misleading statements that have the potential to mislead investors on the extent to which GCG is a regulated or licensed entity in New Zealand and in overseas jurisdictions.

Read More


5 November - alltrademarkets

Alltrademarkets is not registered on the Financial Service Provider Registry of New Zealand, therefore, is not permitted to offer financial services to New Zealand residents.

Read More

5 November - EvisionFX Group

We are concerned that New Zealand investors could be targeted by EvisionFX Group under the misrepresentation that they are regulated in NZ when they are not.

Read More

Financial Markets Authority
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