30 April 2026

Recent global developments, including the ongoing conflict in the Middle East, geopolitical tensions and rising oil prices, have contributed to increased volatility across financial markets. This fluctuation has led to sharper movements in asset prices and uncertainty for investors, businesses, and households, and is influencing investment conditions in New Zealand. 

Many New Zealanders have noticed fluctuations across a range of investments, including KiwiSaver, managed funds, shares, term investments and other savings, and may be feeling uncertain about what this means for their financial position and longer-term goals. We recognise this may be a challenging and unsettling time for some, particularly where market movements are receiving increased media and online attention.

While periods of volatility can be unsettling, they are a normal part of investing. We know that KiwiSaver is designed as a long-term investment, and history shows that markets have tended to recover over time. 

More New Zealanders are turning to social media for money advice - whether it’s about investing, KiwiSaver, trading strategies or budgeting. We are seeing the growing influence of ‘finfluencers’ - people who shape how others think about money and financial decisions. While some provide helpful general information, others may be sharing content that is misleading, overly promotional, or recommends high-risk products or scams. We are encouraging consumers to take care when engaging with online financial content and to consider whether the information is balanced, accurate and relevant to their own situation. We explore this topic in our latest Occasional Conversations podcast.

In times of uncertainty, access to clear, reliable information is essential. We remain focused on supporting New Zealanders to navigate market conditions with confidence and make informed financial decisions. As market conditions continue to evolve, we will keep monitoring developments and sharing insights to support confidence in New Zealand’s financial markets, and to ensure consumers and investors have the information they need to make sound financial decisions. 

Many of you will be aware we have a new Minister of Commerce and Consumer Affairs, Hon. Cameron Brewer. We look forward to working closely with Minister Brewer and his office in the coming weeks and months.

Ngā manaakitanga,  
Louise Unger, Executive Director, Response and Enforcement

Engaging with industry helps the FMA stay connected to what’s happening in the market, identify emerging risks, and provide clearer, more practical guidance. These conversations support a collaborative regulatory approach that promotes good conduct and better outcomes for consumers, markets and the wider financial system. 

The FMA engaged with industry at a number of events in April, including a workshop jointly hosted with ALTeR – The University of Auckland’s Centre for Advancing Law and Technology Responsibly, ahead of its inaugural conference, and the Creative HQ FinTech Festival in Wellington. We also participated in the Financial Advice New Zealand webinar, and the Financial Services Council Professional Advice Special Interest Group.

Exploring practical ways to improve access to advice 

The FMA’s Financial Advice team has continued engagement with the sector following the release of the Access to Financial Advice Review, including through Financial Advice New Zealand (FANZ) and other industry forums. 

Following FMA Chief Executive Samantha Barrass’s speech at the FANZ National Adviser Conference last month, which outlined key findings from the report, the team continued the conversation through a FANZ webinar with advisers. 

FMA Head of Financial Advice Romil Ghelani, FMA Senior Adviser Ross Skilton and FANZ Chief Executive Nick Hakes participated in the webinar. The session explored consumer access to advice, barriers to engagement, and opportunities for the sector to respond. The discussion covered how regulatory flexibility, innovation and digital tools can support improved access to advice. It also highlighted that the future advice model is expected to be hybrid, with strong ongoing demand for human interaction alongside digital channels.

The team also engaged with the Financial Services Council Professional Advice Special Interest Group, where FMA Chief Executive Samantha Barrass, FMA Head of Financial Advice Romil Ghelani and FMA Director - Deposit Taking, Insurance and Advice Michael Hewes, joined sector representatives to discuss themes from the report, including retirement decumulation and the role of regulation in supporting access to advice. 

This is part of a broader programme of sector engagement, with further discussions planned with industry groups and firms over the coming months. These sessions are helping to translate the report’s findings into practical industry conversations, including how advice models may evolve, how barriers to access can be addressed, and how technology and regulation can support better consumer outcomes.

Upcoming financial advice provider forums

Following the success of our 2024 and 2025 financial advice provider forums, we’re delighted to announce a new series taking place across New Zealand, and online, in July/August 2026.

These forums offer a valuable opportunity for financial advisers and those involved in financial advice businesses to engage directly with the FMA, explore key industry topics, and gain practical insights into the evolving regulatory landscape.

Attendees can expect robust discussions, timely updates, and the chance to connect with peers from across the sector.

Dates and locations will be announced soon, along with details on how to register. Be sure to keep an eye out and secure your spot at one of these popular events.

Upcoming engagement in May

Our planned engagements for May include:

• Kiwi Adviser Network Conference 2026 – 13 May 
• Kernel Adviser Conference Christchurch 2026 – 19 May
• Financial Advice Provider Roundtable – 20 May
• Stewart Group Conference – 21 May 
• Credit Transfer Roundtable – 21 May

Financial advice provider regulatory returns interactive dashboard

We have published our inaugural financial advice provider regulatory returns interactive dashboard, drawing on data from 2024 and 2025 returns.

The dashboard provides insights into the types of products being advised on, the channels through which customers receive financial advice, and year-on-year changes in the financial advice landscape.

Financial statements monitoring insights

Newly published insights from our monitoring of financial statements highlight the role that clear, accurate, and timely reporting plays in supporting investor confidence during volatile market conditions.

Our reviews found that most entities are meeting expectations. However, recurring issues with disclosures and delays in filing can undermine trust if not addressed.

High-quality reporting helps investors better understand risk, assess resilience, and make informed decisions. We’re encouraging directors and financial statement preparers to continue strengthening governance arrangements and enhancing transparency, and maintain robust financial reporting processes.

Director and Board Guide to Quality Audit and Assurance Practices

We have published an updated Director and Board Guide to Quality Audit and Assurance Practices, which highlights the important role directors play in supporting high-quality audits, credible financial reporting, and investor confidence. The guide includes practical insights on auditor selection, independence, and effective oversight throughout the audit process. 

Operational resilience in the derivatives issuer sector  

We have published our findings from the latest round of the operational resilience survey, focusing on the derivatives issuer sector. The report explores how entities prepare for, respond to, and recover from operational disruption, and sits alongside our previous reports covering peer‑to‑peer lending and crowdfunding service providers.

This work supports priorities outlined in our 2025/26 Financial Conduct Report, including identifying emerging risks and opportunities, supporting market integrity and transparency, and promoting resilient markets and providers. 

Private assets in managed funds 

We have published insights into how KiwiSaver managers in Aotearoa New Zealand are investing in private assets. The report outlines that most managers appear to follow international standards and have sound practices in place to identify and manage valuation risks, while also highlighting areas where practices could be strengthened – particularly around valuation processes, oversight of external inputs, management of conflicts of interest, and clearer communication with investors. 

While current exposure to private assets remains relatively low, most managers told us they expect allocations to increase over the next three years as interest in private markets continues to grow. As investment in private assets expands, transparency and strong governance will be critical to maintaining investor confidence.

The implications of Frontier AI models for cyber defence

The National Cyber Security Centre (NCSC) has published high-level guidance on the implications of advanced AI models for organisations. The guidance is aimed at senior leaders and those responsible for cyber security, and outlines emerging risks associated with the use of these technologies.

Entities are encouraged to review this guidance and consider how it applies to their own use of AI and risk management practices.

Upcoming consultation on related party transactions in managed investment schemes

We will soon open consultation on a draft paper on related party transactions involving registered managed investment schemes. We are interested in feedback on the paper, which details our expectations as well as how the FMA considers the law should be applied. To stay informed, subscribe to our consultation updates here by selecting consultation alerts. 

Navigating market volatility in KiwiSaver

You will have seen headlines about global tensions and markets going up and down, including impacts on KiwiSaver balances. 

It can be unsettling for KiwiSaver members, particularly where account balances fluctuate in the short-term. Periods of market volatility are a normal part of investing, and KiwiSaver is designed for the long-term. You may wish to share this information with your clients to support their understanding of market volatility.

To learn more about KiwiSaver and market volatility head to Understanding market volatility: how to prepare for a potential market event

Getting money advice on social media? What Kiwis need to know

Last week, the FMA joined 17 other regulatory authorities in a coordinated Global Week of Action Against Unlawful Finfluencers. Social media is now a common source of money advice, but not all finfluencer content is helpful or safe. 

In the latest Occasional Conversations podcast we discuss common red flags and share practical tips for New Zealanders who engage or follow finfluencers. We also unpack how firms and advisers can ensure their social media content is factual, accurate and not misleading. 

As part of the week of action, we also contacted 14 finfluencers active across a range of social media platforms, to outline relevant legal obligations and address concerns about their online content or offerings. As a result, misleading or harmful content has been removed, including advertisements targeting New Zealanders.

Class exemptions 

Consultation

In our May 2025 consultation paper Review of expiring class exemption notices, and designations we noted that two exemptions were out of scope as they were expected to be made permanent through law reform under the Financial Markets Conduct Amendment Bill before their expiry in September and October 2026.  

The exemptions are: 

• Financial Markets Conduct (Licensed Independent Trustees of Restricted Schemes) Exemption Notice 2021
• Financial Markets Conduct (Overseas Subsidiary Balance Date Alignment) Exemption Notice 2021

As the Bill has not yet been enacted, we are considering whether to renew these exemptions on the same terms and conditions for a further period, until the Bill is passed. 

If you would like to provide feedback or be kept up to date with progress of this review, please email exemptions@fma.govt.nz to be added to the consultation list.

Exemptions granted

We have granted a new exemption for offers of certain green, social, sustainability, and sustainability-linked (GSSS) bonds, on a similar basis to the same class exclusion in the Financial Markets Conduct Act 2013. The exemption allows issuers to offer bonds with terms largely identical to existing quoted bonds, except for differences in interest rate, redemption date and GSSS status – and without the need to prepare a product disclosure statement.

Read the exemption

We have also granted a new exemption for certain overseas climate reporting entities that are subject to climate reporting requirements in jurisdictions with comparable regimes to New Zealand. The exemption is intended to reduce duplication, so affected entities are not required to prepare two sets of substantially similar climate disclosures. Where the conditions set out in the notice are met, eligible overseas entities can lodge the climate statements prepared for their home jurisdiction on the New Zealand register, instead of producing separate disclosures under New Zealand requirements. Read more about the consultation here. 

Read the exemption   

FMA cancels Saanvi’s financial advice provider licence 

The FMA has cancelled the financial advice provider licence of Saanvi 2022 Limited, trading as Saaga Mortgages (Saanvi), after finding it submitted mortgage applications with altered supporting documents and was unable to provide the originating emails or source records. The FMA also found that Saanvi’s clients were not informed of a referral arrangement involving payments to a third party involved in the advice process. 

Helena Lewis, the FMA’s Head of Perimeter and Response, said the case underscores the importance of ethical conduct and trust in financial advice. Acting ethically is critical to protecting consumers and maintaining trust and integrity in the financial advice sector. 

FMA seeks liquidation of additional Chance Voight entities

The FMA has applied to the High Court to liquidate a further 25 entities associated with the Chance Voight Group, following concerns about its management and ability to meet financial obligations. This follows an earlier application in December 2025 targeting the Group’s parent company and key subsidiaries.

In accordance with the Court Orders placing the Chance Voight Companies into interim liquidation a report was prepared for the Court by the interim liquidators. It was filed with the Court on 26 January 2026 and has been subject to a Court suppression order, with the FMA and the interim liquidators supporting publication. That suppression has now lifted, meaning the report, with some details redacted in accordance with Court Orders, is now publicly available. 

The FMA’s investigation into the Group remains ongoing. 

FMA settles IPO proceedings with CBL and director

This month, the FMA reached two settlements in relation to the 2015 Initial Public Offering (IPO) of CBL Corporation Limited (CBL) (in liquidation).

The FMA reached settlements with CBL and director Peter Harris.

Margot Gatland, the FMA’s Head of Enforcement, said the settlements mark a significant milestone in the long running proceedings arising from the collapse of CBL in 2018.

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.

FMA warns of fraudulent trading platforms using fake news articles to entice investors 

The FMA is warning consumers about a surge in scams using fake news articles and deepfake content featuring well-known New Zealand politicians and business leaders to promote fake trading platforms. Since March this year, more than 190 websites linked to these scams have been identified, along with a high volume of ads across social media platforms.

These scams typically lure victims through fake articles that mimic reputable news outlets, before directing them to investment platforms where they are encouraged to deposit funds. Victims are shown manipulated profits to encourage further investment, but when they attempt to withdraw funds, they are asked to pay fees and no money is ever returned. The FMA is urging consumers to avoid engaging with these ads or sharing personal information online, and to contact their bank immediately if they believe they have been targeted.

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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