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October 04, 2022
FMA Update
KiwiSaver review of a turbulent year
We have published our annual KiwiSaver report which describes our main KiwiSaver activities and includes a summary of statistical returns lodged by the different schemes.
Total funds under management were up 10% to almost $90 billion, taking the average member balance to $28,324.
FMA Director of Investment Management Paul Gregory talks about the report's findings in our latest Five Mins with the FMA podcast.
You can listen here
World Investor Week 2022
The FMA is once again supporting World Investor Week, a global campaign to promote investor education held by IOSCO (International Organisation of Securities Commissions).
This year's theme is “Good investing is long-term investing”, aiming to support investor resilience and encourage people to keep going, even during periods of market volatility.
The FMA campaign involves online video content, media partnerships and social media.
For more visit fma.govt.nz/consumer/investing/world-investor-week/
FMA speaks
The Financial Services Council recently held its annual conference - "Growing financial confidence and wellbeing in Aotearoa".
FMA Chief Executive Samantha Barrass gave the regulatory keynote speech, while FMA Director of Banking and Insurance Clare Bolingford spoke at the "Outlook for the insurance sector - Building a sustainable and trusted life and health insurance sector " session.
- Read Samantha Barrass' speech here
- Read Clare Bolingford's speech here
Financial advice provider update
Eighty-six per cent of financial advice providers (FAPs) have now embarked on – or completed – the full licence application process.
Data from 30 September shows 66% of financial advice providers are now operating under, or have applied to the FMA for, a full licence. A further 20% of providers have taken the step to register on the FSPR for the “financial advice provider-licensee-full licence” service but not yet formally applied to the FMA for their licence.
Advice providers yet to submit their applications are encouraged to do so as soon as possible to ensure their full licence can be processed before their transitional licence expires.
Remember, our Licensing team is here to help: questions@fma.govt.nz
Climate-related disclosures and good record keeping
At the heart of the new climate-related disclosure regime beginning in 2023 is good record keeping.
The FMA's initial monitoring approach for record keeping - helping inform and support new climate reporting entities to meet statutory reporting requirements - has now been published.
Consultations
Conduct of Financial Institutions:
- A draft discussion document on proposed licensing fees for financial institutions
Closes 26 October, 2022. - An exposure draft of proposed regulations relating to sales incentives
Closes 9 November, 2022.
Other consultations:
- Proposed question set for FAP Regulatory Returns
Closes 28 October, 2022. - Proposed guidance and expectations for keeping proper accounting records
Closes 31 October, 2022. - Proposed guidance for client money or property service providers
Closes 1 November, 2022. - Financial Market Infrastructures Act 2021 exposure drafts
Closes 18 November, 2022.
Catalist market operator obligations review
The FMA's inaugural annual review of Catalist has found it complied with its market operator obligations since launching in 2021.
The review noted Catalist had suitable governance arrangements, technological capability and processes and policies.
New class exemption: Overseas custodians of scheme property
The FMA has granted a class exemption for certain overseas custodians of scheme property: the Financial Markets Conduct (Overseas Custodians of Scheme Property-Assurance Engagement) Exemption Notice 2022.
Read more about the exemption here
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