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August 26, 2022
FMA Update
The FMA has published our Annual Corporate Plan for 2022/23.
Read the plan to find out about our priority outcomes and intended programme of work for this financial year.
CoFI - more to do for our banks and insurers
Want to know more about the new Conduct of Financial Institutions (CoFI) regime?
FMA Director of Banking and Insurance Conduct Clare Bolingford features in our latest '5 mins with the FMA' podcast about CoFI, which will require retail banks, insurers and non-bank deposit takers to treat customers fairly at all stages of the relationship.
She's also written an article on how to prepare for CoFI. Read that here.
Proposed standard conditions for financial institution licences
Consultation on the proposed standard conditions for financial institution licences closes soon. Have your say on the conditions that banks, insurers and non-bank deposit takers will need to comply with as part of meeting obligations under the CoFI regime by Wednesday 7 September.
Financial advice providers - hit 'submit' workshops
Preparing for your FAP full licence? More than 800 financial advice providers are now operating under, or have applied for, their full licence ahead of the March 2023 deadline.
There’s still time to join our free online workshops running through the entire FAP Class 1 full licence application process. Each session covers a different section of the application, so advisers can progressively complete it with us.
New class exemption: restricted schemes
The FMA has granted a new class exemption for five years for restricted schemes: the Financial Markets Conduct (Restricted Schemes - Disclosure and Reporting) Exemption Notice 2022.
The exemption starts on 31 August 2022 and provides targeted relief for certain defined benefit restricted schemes around annual fund updates and confirmation information, and for all restricted schemes in respect of certain quarterly reporting requirements.
Regulatory return information due in September
All MIS, DIMS and DI licence holders are required to submit their first annual regulatory return, for the period 1 July 2021 to 30 June 2022, by
30 September 2022.
The return is a series of questions about your business and how your licensed service is used, and must be submitted online here. You will need to use your individual RealMe details to log in. Then select ‘Complete a regulatory return’, and which return you are filing.
You can download the questions via the links below - but please note that we will not accept returns in any format other than the online form.
- DI provider regulatory returns questions (.xlsx,43kB)
- DIMS provider regulatory returns questions (.xlsx,29kB)
- MIS manager regulatory returns questions (.xlsx,34kB)
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