6 August 2026

FMA’s credit focus on conduct, relationships and outcomes

The transfer of responsibility for credit regulation to the FMA is a significant milestone for financial regulation in New Zealand. Our focus for the credit sector is on supporting good conduct, building strong relationships across the industry and promoting fair outcomes for consumers.

We have established a new supervision team specifically for the credit sector. The team will work directly with licensed providers to understand emerging risks, identify good practices and support consistent standards across the sector. Our Head of Perimeter and Response, Helena Lewis, has stepped in as Acting Head of Credit and will lead the team until Jessie Greer, previously Manager Deposit Taking, takes up the role permanently in early 2027 when she returns from parental leave. 

Our Financial Conduct Report outlines our priorities for the 2026/27 financial year. For the credit sector these are managing conflicts from remuneration structures, complaints processes and handling, and unsuitable or unaffordable lending. We will shortly be sending invitations for two webinars, one each for credit providers and financial mentors, where we will discuss how these focus areas will shape our supervisory work. 

We're already receiving new credit provider licence applications, demonstrating early engagement with our licensing regime and a willingness to participate in a strong and trusted credit market.

Our supervisory approach includes monitoring visits to credit providers. These engagements will help us better understand how firms are operating in practice and provide opportunities to discuss our expectations.

In October we will be consulting across the financial services sector on standard licence conditions. These conditions will establish baseline requirements that apply to consumer credit providers. There’s more detail on the consultation later in this update.

I encourage credit providers to register for the myFMA online self-service portal if you have not already. If you have questions, check the CCCFA transfer FAQs on our website or get in touch by emailing questions@fma.govt.nz.

As we embed the credit sector into our regulatory regime, we expect providers to engage proactively, understand their obligations and demonstrate a clear commitment to delivering fair outcomes for all New Zealanders.

Ngā manaakitanga,  
Clare Bolingford, Executive Director - Licensing and Conduct Supervision  

Workplace conduct and culture at the FMA

Earlier this week the Ministry of Business, Innovation and Employment (MBIE) announced an investigation into matters raised in relation to workplace conduct and culture at the FMA. We take the matters being investigated seriously and welcome the opportunity to review and continue to strengthen our organisational culture. We remain focused on delivering the priorities we committed to as part of our Financial Conduct Report.

FMA Board appointments

The Government has announced the appointment of James Miller as the new Chair of the FMA, effective 6 August. The announcement also includes the appointment of Trevor Janes to the FMA Board. 

Streamlining licensing and ongoing requirements

The FMA is working to reduce complexity and make it easier to navigate licence applications and ongoing obligations for licensees under Part 6 of the Financial Markets Conduct Act 2013 (FMC Act). As part of this work, we plan to open consultation on proposed changes to the standard conditions on licences in October 2026.  

The consultation will include a proposal to impose standard conditions on consumer credit providers who became subject to licensing and supervision by the FMA from 1 July 2026. 
We’re signalling this upcoming consultation now so licensees and other interested parties can plan ahead to provide feedback to help shape the standard conditions that will apply to licences. 

To receive a notification when the consultation opens, make sure you are signed up for consultation alerts.

Regulatory returns now open

Regulatory returns are one of the tools the FMA uses to monitor licensed entities. This is a series of questions to obtain an up-to-date understanding of the nature, size and complexity of licensees and relevant activities over the reporting period. The data is analysed to identify trends that can be used to inform monitoring activities.  

Returns for the period 1 July 2025 to 30 June 2026 need to be submitted through the myFMA portal by 30 September 2026. Licensees should already have received an email with a link to access myFMA and submit the regulatory return. 

Financial institutions 
This will be the first regulatory return for licensed financial institutions. The full question set and accompanying guidance is available below. In July we held a webinar for financial institutions on how to complete their regulatory returns. The webinar was recorded and is available to view here.

Financial advice providers
To familiarise yourself with questions for financial advice provider regulatory returns, you can download our guide and refer to the FAQ below.  

Why engagement matters to the FMA

The FMA's regulatory approach is focused on achieving better outcomes for consumers, investors and financial markets. To do that effectively, we work closely with stakeholders to understand the key risks and opportunities facing New Zealand's financial system and where we should focus our efforts. 

We describe ourselves as an engagement-led regulator. This reflects our belief that better outcomes are often achieved more efficiently and effectively by influencing behaviour early through engagement, guidance and supervision. 

Reports, thematic reviews and regulatory correspondence help start and inform conversations with firms, industry, consumer advocacy groups and other market participants. We use them in meetings, conference presentations and webinars to explore issues in greater depth.

As part of our proactive approach, we are actively seeking more opportunities to connect directly with the financial services sector, and those who support it. 

If you would like to talk about how we can increase or improve our engagement efforts, please get in touch with Julian van de Wetering, the FMA’s Manager External Relations - julian.vandewetering@fma.govt.nz 

FMA Director - Credit, Deposit Taking, Insurance and Advice Michael Hewes speaking at the Auckland financial advice provider forum.

Financial Advice New Zealand: Advice Policy Summit

FMA representatives participated in the Financial Advice New Zealand Advice Policy Summit in Auckland, alongside more than 200 attendees including international delegates from 14 member countries of the global Financial Planning Standards Board.

FMA Chief Executive Samantha Barrass spoke about the regulatory priorities for the financial advice sector as outlined in the recently released Financial Conduct Report. This speech is part of the FMA’s ongoing engagement programme with a range of different sectors, highlighting focus areas for 2026/2027.

FMA Head of Financial Advice Romil Ghelani speaking at the Wellington financial advice provider forum. 

Financial advice provider forums return in full swing 

Financial advice provider forum sessions are well underway, and the FMA team is enjoying getting out and about to meet with you.

We have had a great response so far, but there is still space available for the Christchurch event (afternoon only). If you’re unable to attend in person, there are also two online sessions to choose from.

We encourage you to join us as we share case studies, discuss access to advice and report on key learnings. Come away with insights into our priorities for the year ahead, and practical value you can take back to your financial advice business.

If you have any questions or comments about these events, please email questions@fma.govt.nz. 

Related party disclosures in financial statements

We have published a thematic review, Related party disclosures in financial statements by MIS managers and investment schemes, which found that while most entities disclosed related party relationships and transactions, the level of detail often fell short of helping users understand their impact on financial performance, position and risk.

The review of 61 MIS managers and selected schemes identified opportunities to improve transparency around related party relationships, management fees, related-party investment structures and valuation approaches. The report highlights examples of good practice and reinforces that effective disclosure goes beyond compliance, providing investors with clear, entity-specific information that supports informed decision-making and confidence in New Zealand's managed investment sector.

Artificial intelligence in financial advice: have your say

The FMA is undertaking an exploratory thematic review to better understand how artificial intelligence (AI) is being used, developed and considered across New Zealand's financial advice sector. 

As part of the review, we are asking financial advice providers and industry stakeholders to complete a voluntary survey on their experiences and perspectives on AI in financial advice. There are four surveys, each tailored to a specific stakeholder segment:

• financial advice providers and advisers
• technology service providers
• financial services law firms and legal advisers
• industry associations, consumer representatives, dispute resolution schemes and other sector stakeholders.

You can access the surveys via the link below. Please select the survey that best aligns with your organisation, role or perspective within the financial advice ecosystem. 

We encourage all relevant stakeholders to share their experiences, observations and views. Your feedback will help shape the FMA's understanding of how AI is influencing financial advice and support broader conversations about responsible innovation and good consumer outcomes in New Zealand's financial markets.

Operational resilience findings and insights

We have published findings from the latest round of our operational resilience survey, focusing on the insurance sector. The report provides insights into the sector’s current level of operational resilience maturity, based on information shared by participating insurers, and sits alongside our previous reports covering peer‑to‑peer lending, crowdfunding service providers and derivatives issuers.

We expect insurers to continue strengthening their operational resilience capabilities and addressing the areas identified in this review. Doing so will better position firms to prevent, respond to and recover from disruption, and support a resilient and well-functioning insurance sector.

As frontier AI evolves across the financial sector, it is likely to amplify existing weaknesses, by increasing both the speed at which vulnerabilities can be exploited and the potential scale of operational disruption. The use of this technology is expected to introduce new challenges for cyber security, third-party risk management and operational resilience. The FMA encourages organisations to remain alert to emerging cyber threats and maintain awareness of relevant guidance and advisories issued by the National Cyber Security Centre (NCSC).

Class exemptions 

We have decided in principle to grant continued exemption relief for the five matters listed below.  For more information on the existing exemptions please see our website.

• Financial Markets Conduct (Equine Bloodstock) Exemption Notice 2021 
• Financial Markets Conduct (Disclosure Using Overseas GAAP) Exemption Notice 2022 
• Financial Markets Conduct (Overseas FMC Reporting Entities) Exemption Notice 2021
• Financial Markets Conduct (Recognised Exchanges) Exemption Notice 2021 
• Financial Markets Conduct (Overseas Banks Offering Simple Debt Products) Exemption Notice 2021

We will aim to finalise the new notices to give effect to these decisions before the current exemption notices expire.

The FMA has also renewed an existing exemption notice for issuers on the Catalist Public Market. The Financial Markets Conduct (Catalist Public Market) Exemption Notice 2026 continues relief from ‘regulated offer’ requirements, including issuing a product disclosure statement, for issuers making ‘same class’ offers and offers not exceeding $2 million. The notice also introduces two new exemptions, from substantial holding disclosure obligations and from director or senior manager disclosure obligations.

Update: FMA’s action against Chance Voight Group

In December 2025, following an investigation into the conduct of Rangiora-based investment group, Chance Voight, the FMA asked the High Court to place the Chance Voight’s parent company and five subsidiaries into interim liquidation pending an application to put the group into liquidation.  

On 24 July 2026, the Court issued a decision appointing John Fisk, Lara Bennett, and Malcolm Hollis as liquidators. The Court found that the companies, with one exception were insolvent, and that the evidence was overwhelming. The remaining company was a holding company that did not trade and was wound up on the basis of a justifiable lack of confidence in its management.

The next key event in the FMA’s intervention is a two-day hearing on 17 and 18 August 2026 at which the FMA will ask the court to make asset preservation orders against Mr Whimp and Hanmer Equities on a final (rather than interim) basis. After that, the Court has scheduled a one-day hearing on 28 August 2026 to hear a further application by the FMA seeking to liquidate 25 further entities in the Chance Voight group.  

The FMA is now preparing for the upcoming hearings.  

Advertising investment performance

We have observed an increase in fund manager advertisements where past investment performance is the primary focus. These advertisements typically highlight fund returns relative to industry averages or promote a fund's ranking against its peers using third-party performance rankings.

We are concerned that the performance periods used in some of these advertisements do not align with the minimum recommended investment timeframes for the funds being promoted. In some cases, the selected periods appear to have been chosen because they reflect particularly strong performance, without including returns over longer timeframes. For some fund managers, returns over longer periods were significantly lower than those highlighted in the advertisements.

Advertisements that focus heavily on past performance may create a misleading or deceptive impression that past performance will continue in the future. Market participants are reminded to consider the FMA's Advertising Offers of Financial Products under the FMC Act Guidance Note (October 2021) when developing advertisements and ensure that messaging is not misleading or deceptive. We continue to monitor advertising claims and will consider taking regulatory action where appropriate.

Stay informed

Stay informed: Check out the FMA’s enforcement activity for more about the actions we take to protect investors and maintain market integrity.

Ponzi scams

In this month's Inside a Scam, we're breaking down the warning signs to help you recognise when an "opportunity" may be too good to be true. 

• Are you being encouraged to recruit others to make money? 
• Promised high or guaranteed returns with little risk? 
• Told it's a once-in-a-lifetime opportunity and you need to act now? 

These are all signs it's time to slow down, ask questions, and dig deeper before investing. Watch the video to learn how ponzi schemes work and what questions to ask before parting with your money.

We regularly publish warnings containing the names of businesses or individuals you should be wary of if you are planning to invest. 

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