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March 23, 2023
FMA Update
Complaints 'moments of truth': CEO speech to IFSO
FMA Chief Executive Samantha Barrass spoke at the Insurance and Financial Services Ombudsman Scheme Conference on Wednesday, acknowledging the critical role insurers and brokers are playing in supporting customers through the recent flood and cyclone events.
Samantha also touched on the importance of complaints in enhancing customer experience and providing data and insights.
FMA Director of Deposit Taking, Insurance and Advice, Michael Hewes
Financial advice - NZ hits licensing milestone
An important phase of New Zealand's new financial advice regime has now begun. As of last week all financial advice providers must hold or operate under a full licence from the FMA if they want to provide regulated financial advice to retail clients.
This will continue to give Kiwis greater confidence in consistent standards across the financial advice industry.
“We’ve been impressed at how many advisers have recognised the opportunity and willingly done the mahi to meet the new requirements, says FMA Director of Deposit Taking, Insurance and Advice, Michael Hewes. "Collectively, these efforts have further strengthened the sector as a whole.”
More than 2,500 Financial Advice Providers were either directly licensed or operating as an Authorised Body, as at 17 March.
Watch: ‘Her Money Matters’ - International Women’s Day
Her Money Matters - a korero on financial wellbeing is now available to watch or listen on YouTube here. Thanks to everyone who participated, including our panelists Frances Cook, Te Kahukura Boynton, Mary Holm and Sarah Kelsey.
Photo: Personal finance author and podcaster Frances Cook speaking at 'Her Money Matters'.
FMA new appointments
The FMA welcomes Daniel Trinder to our newly formed enterprise leadership team as Executive Director – Strategy and Design.
He is expected to join the FMA in June and will initially be based in Wellington.
More about Daniel's appointment and background here.
Peter Taylor has been appointed Director, Specialist Supervision and Response. He brings an extensive regulatory and legal background, having worked at a senior executive level in financial services and competition and economic regulation in New Zealand and overseas.
More about recent FMA leadership appointments here.
Executive Director, Strategy and Design, Daniel Trinder
Consultations update
- Proposed CoFI guidance note on intermediated distribution – closing 14 April
- Renewal of class exemption for MIS managers where assets do not have an appropriate market index – consultation extended; now closing 14 April.
- Changes to AML/CFT Act regulations (led by the Ministry of Justice) – closing 14 April
- Proposed exemptions for foreign listed issuers from climate reporting duties – closing 17 April
Du Val warned by FMA over misleading statements
We have warned Du Val Capital Partners Limited about misleading or deceptive statements to investors in the Du Val Mortgage Fund.
We consider investors were given a misleading impression of the reasons for Du Val Capital Partners suspending cash distributions on the Fund and proposing instead to convert cash distributions into units in the fund, pending a potential public listing.
Investors may also have been misled about their rights in relation to the suspension.
NZ International Fraud Film Festival 2023 returns to Auckland next week, March 29 and 30 at the Q Theatre, with a line-up of quality films exposing the underbelly of fraud and its impact at home and abroad.
The festival is a public and private partnership dedicated to raising awareness for the fight against fraud, including sponsors Meredith Connell, Deloitte, FMA, SFO, ACC, CERT NZ, Simplicity, ACFE.
Among the films celebrating their New Zealand premieres at the festival are The Talented Mr. Rosenberg, and China Hackers.
The festival is also delighted to host TV institution, Fair Go, for a session shedding light on its long-running fight against fraudsters and other crooks.
The full programme and links to purchase tickets are available at the festival’s website www.fraudfilmfestival.co.nz.
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