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Could you spot an investment scam?

We’re supporting Fraud Awareness Week by sharing ‘Bob’s’ story.
‘Bob’ lost $67,000 after a cold-call from scammers who persuaded him to ‘invest’ in a pharmaceutical firm. Read his story to learn the warning signs.

Read Bob's story

Helping New Zealanders access quality financial advice

John Botica, Director of Market Engagement, FMA


Upcoming changes to financial advice regulation were introduced into Parliament in August. They are designed to improve access to quality financial advice for all New Zealanders, and deliver more financial help to more people.


The changes are also designed to address the current confusion surrounding multiple definitions and will help consumers feel more confident to seek advice that meets their needs. Similarly for advisers, this new approach opens up new opportunities and technologies to offer advice that works for the consumer.  

Helping smooth the regulatory road ahead

To get the changes bedded in, we need to work together – alongside advisers, product providers and consumers.

We recognise now there is uncertainty about how and when the changes will all be implemented.  That is why we are committed to supporting industry on this journey and we will update you as soon as we can about our approach to licensing, ongoing monitoring and supervision.

In the New Year look out for events, activities and consultation coming your way from us, MBIE and the Code Working Group.  These will cover a lot of matters include licensing, disclosure, costs, and the new Code of Conduct.

What can you do now?

Transitioning to the new regime may have its bumps in the road. So to navigate them smoothly we all need to be looking ahead to our end destination.   Here are some things you can do now:

  • understand the new regime’s key milestones and timelines
  • think about how the changes will affect you and your business
  • identify what resources you need to help make key decisions– this may include speaking to your professional adviser association, product provider or legal adviser
  • start formalising business processes and continue your learning and development.


Stay in the know


Whatever your view about the changes, it’s important you keep engaging with us. We really value your feedback - negative or positive - so if you have issues or questions, please get in touch.


John Botica

Director of Market Engagement

Cryptocurrency and initial coin offers

Our guidance will help you understand your legal obligations when providing an initial coin offer (ICO) or other cryptocurrency services to New Zealanders. We have also published information to help consumers understand the risks of investing in cryptocurrencies.


We welcome industry engagement and are happy to speak with providers on an individual basis about their planned products and services.



28, 29, 30 November


Financial Services Council – Navigating Regulation Advice Summit – Auckland, Wellington and Christchurch. This event is open to all financial advisers interested in the planned changes to advice regulation. It’s free to attend but spaces are limited. Register here ›


1 December


Businesses making a regulated offer of short-duration derivatives should be licenced from 1 December. Read more ›


8 December


Consultation: Corporate Governance Handbook – submissions close Friday 8 December. Read more ›


15 December


Consultation: Exemption to enable personalised digital advice – submissions close Friday 15 December. Read more ›



Exemption news


Market index exemption

We have decided managed investment scheme managers will be exempt from having to publish a market index in their quarterly fund updates if there is no appropriate broad-based securities index. This will be subject to conditions, including that managers use a peer group index instead, if this is likely to be useful for investors.

Exemption extensions

After receiving industry feedback we have decided to extend the following exemption notices until the financial advisers law reform comes into effect (anticipated in 2019).

We have also decided to extend the exemptions in the Financial Markets Conduct (Overseas Custodians – Assurance Engagement) Exemption Notice 2017 for five years.



Exemption revocations

The following exemption notices will be revoked:


What’s coming up?


Audit Quality Review report


Look out for this report next week, which summarises our findings from this year’s audit quality reviews. We are also publishing guidance on how company directors can contribute to high-quality audits.



Enhanced auditor’s reports – a stocktake of the first year in New Zealand


Since the new and revised auditing international standards were issued in January 2015, the External Reporting Board (XRB) and FMA have worked together to review 178 auditors’ reports. We also interviewed auditors, directors, preparers of financial statements and investors to learn about their experiences. Our findings will be published at the end of November.



Peer-to-peer lending and crowdfunding returns report


This year, licensed crowdfunding and peer-to-peer lending providers were required to submit an annual regulatory return for the first time. A report sharing this information will be out later this month.



Refreshed Investor Capability strategy


We will shortly be releasing our updated Investor Capability strategy. The refreshed strategy broadens our focus from ‘over-50s with money’ to anyone participating in investing activities where our work indicates there is risk. It also explains the work we do to influence how industry engages with investors.


FMA news

16 November FMA urges investors to know scam warning signs


15 NovemberOutcome of FMA investigation into Goldman Sachs NZ Ltd


26 October - FMA files Crimes Act charges against Steven Robertson


25 October - FMA commentary on ICOs and cryptocurrencies


19 October - The FMA and ASIC confirm trans-Tasman collaborative approach to fintech


18 October - FMA allows personalised robo-advice; applications open early 2018


Industry insights

Robo Advice: an FCA perspective - Financial Conduct Authority


Forging the future: How financial institutions are embracing fintech to evolve and grow - KPMG



Financial stability implications of artificial intelligence and machine learning - Financial Stability Board




Email us at

FMA - FINANCIAL MARKETS AUTHORITY     Financial Markets Authority
Level 5, Ernst & Young Building
2 Takutai Square
Auckland 1143
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