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4 August 2020
FMA Update 02 July, 2020
Money Week: FMA and Financial Advice New Zealand to answer money questions

The FMA is promoting the value of financial advice as Kiwis take a greater interest in their finances due to the impact of COVID-19. 

We’ve partnered with Financial Advice New Zealand to answer New Zealanders’ questions for Sorted Money Week.  

All day on Saturday 15 August, from 9am – 6pm, we’ll be running a pop-up stand called ‘Finsightful’ offering free money advice at The Base Shopping Centre in Te Rapa, Hamilton.  Staffed by financial advisers, people will be able to get general information on topics like mortgages, KiwiSaver, insurance and budgeting, as well help with tools and resources. 

Find out more here.

FMA priorities during COVID-19 response and recovery

The FMA has released a summary of its immediate priorities over the next 3-6 months, as New Zealand continues to respond to the COVID-19 pandemic.
This outlines how we will support the country’s response and recovery while also ensuring financial service providers support their customers and investors.
View the full information sheet on our website and see our Priorities FAQs here. 

Read chief executive Rob Everett's view on the road ahead here.

FMA industry levies

Last week, MBIE published the FMA levies for the new financial advice regime from March next year and for FMA levies from 2021/22 onwards. A number of changes were made to levy tiers in response to feedback from the consultation with industry which took place in February.

More information, including the relevant Cabinet papers, is available on MBIE’s Financial Markets Authority funding page here.

Get the latest on financial advice licensing at September events

 Advisers preparing for the new financial advice regime can hear from the FMA at two industry events next month: the FSC Conference 2020: Generations  and the Financial Advice New Zealand 2020 Conference: Bounce .

The new regime starts on 15 March 2021 and the FMA has so far granted (or is currently assessing) 949 transitional licences, representing an estimated 6996 financial advisers, 8746 nominated representatives and 372 authorised bodies.

Anyone yet to apply for a transitional licence can do so on the FMA website here.

Rob Everett - Mindful Money webinar

FMA chief executive Rob Everett joined the regular webinar series of Mindful Money to talk about investor confidence, the FMA's current priorities, and creating a more sustainable finance system.

Watch webinar highlights here.

Reminder - feedback sought on expiring class exemptions

The FMA has powers to exempt people or transactions from some financial markets law requirements. 
We are consulting on our review of 16  of these 'class exemption notices' due to expire between August and December 2021. We need your feedback to help us decide whether the notices should be renewed and if any amendments are needed.

Read the consultation paper here.

Submissions close at 5pm on Thursday, 20 August 2020

Follow the FMA on social media

We regularly post announcements, events, media releases and public consultation requests on our social media channels.

Check us out on LinkedIn, Facebook and now Instagram


Financial Markets Authority

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