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.
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.
A new report has just been published looking at the key risks in the Derivatives Issuer sector, highlighting some future focus areas to help improve compliance.
Derivatives are complex financial instruments and trading them isn't a suitable 'investment' for most consumers.
The assessment concluded that the risk profile of the industry was high.
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.
Positive outlook for investing, says new FMA survey
The outlook remains positive for most New Zealand investors according to a new FMA survey.
Despite the majority (60%) of investors experiencing losses as a result of COVID-19, most Kiwis (71%) were optimistic that the pandemic will pass eventually and markets will recover with time. Nearly a quarter (23%) were planning to increase existing investments or make new investments in the year ahead.
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.
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.
