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December 06 2022
FMA Update
We have published information for banks, insurers and non-bank deposit takers in preparation for the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFI), including:
- an information sheet on fair conduct programmes
- a guide to financial institution licence requirements
- final standard conditions for financial institution licences.
This suite of documents will assist institutions in preparing for the new regime by providing additional clarity and guidance, ahead of licensing opening next year.
We intend to begin consultation on CoFI intermediated distribution guidance in February next year.
Audit quality improves
Audit firms have continued to make improvements but audit quality remains inconsistent between firms, according to the FMA's latest Audit Quality Monitoring Report.
Record keeping has improved in relation to accounting estimates and applying professional scepticism to entities’ financial statements.
Scam warning: fake investment documents
Can you spot the signs of a fake investment product disclosure statement or prospectus?
We're warning investors to be vigilant after seeing an increase in fake investment documents targeting New Zealanders. Images and branding from well-known financial institutions are stolen to build credibility and lure in victims.
Climate-related disclosures
The Ministry of Business, Innovation and Employment and the Ministry for the Environment have opened consultation on potential changes to the assurance requirement in the new climate-related disclosures (CRD) regime.
Consultation runs until 10 February 2023.
More details on MBIE’s website here.
Sign up for CRD news and alerts at the FMA subscription page here.
Accredited body reports: CPA Australia, NZICA
The FMA is responsible for ensuring frontline regulators such as New Zealand Institute of Chartered Accountants (NZICA) and CPA Australia are effective in their roles.
The annual accredited body reports for CPA Australia and the New Zealand Institute of Chartered Accountants (NZICA) have now been published, covering the period 1 July 2021 to 30 June 2022.
Regulatory returns for Financial Advice Providers
Consultation on the regulatory returns for Financial Advice Providers (FAPs) has now closed. Thank you to all the FAPs and others who took the time to provide their feedback.
We received a total of 51 submissions, ranging from sole advisers to large industry associations.
This is an important annual return for the FMA. It will help identify trends and areas where the FMA can best focus its resources to achieve good outcomes for consumers. We are currently working through submissions with a view to publish the confirmed question set in early 2023.
More can be found on the FMA’s consultation page.
FAP full licence application dates
Our licence application portal will remain open through the holiday period, however we strongly encourage any transitional licence holders wishing to make a FAP full licence application to do so before Friday 23 December, to ensure it can be processed before all transitional licences expire on 16 March 2023.
Applications submitted after 23 December will not be actioned until 9 January at the earliest, and applications can take up to 60 days from date of receipt to process.
See How to apply for a FAP full licence for more details.
FMA offices are closed from midday, Friday 23 December, and will reopen 8.30am, Monday 9 January 2023. Complaints and enquiries can still be lodged during this period by emailing questions@fma.govt.nz, however they will not be actioned until 9 January.
If you require urgent assistance, please call 0800 434 566 from 5 January 2023.
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