No images? Click here
June 30, 2022
FMA Update
Why cyber security is a priority for our financial sector
In just the first quarter of this year, 167 cyber incidents affecting Kiwi organisations were reported to CERT NZ, more than half targeting the finance and insurance sector.
FMA Director of Supervision James Greig asks in this article: Is your money next on cyber attackers’ hit list?
These attacks don’t just harm organisations and customers, they also erode consumer trust and confidence in our financial services. A new information sheet has been developed by the FMA to help firms enhance technology resilience and operational systems.
Annual Review of NZX
We have published our annual review of whether the NZX is meeting its obligations as a licensed market operator. Our review found NZX has complied with its licensed market operator obligations and significantly improved technology capabilities.
The NZX has made considerable improvements to its technological maturity, system sustainability, resiliency, and risk capability.
CoFI Bill passes - July consultation
The Financial Markets (Conduct of Institutions) Amendment Bill, also known as CoFI has this week been passed in Parliament.
It amends existing law and expands the FMA’s remit to the conduct regulation of core banking and insurance services.
In the second half of July we will launch public consultation on the proposed standard conditions that will be placed on the Financial Institution licences granted by the FMA. It will be your chance to give feedback on the conditions that banks, insurers and non-bank deposit takers will need to comply with.
Reporting a deficit – adressing NZ's auditor shortage
A shortage of experienced auditors is having an impact on the timely completion of audited financial information, writes Jacco Moison, FMA's Head of Audit, Financial Reporting and Climate Related Disclosures.
He suggests firms do more to promote the crucial role auditors play in maintaining the integrity of our financial system.
Read more about the auditor shortage here
We've also just issued our Auditor Regulation and Oversight Plan 2022-2025, setting out how the FMA aims to improve audit quality.
KiwiSaver fees calculation
Our new KiwiSaver methodology notice sets out how providers must calculate fees paid by investors, for disclosure in KiwiSaver annual statements.
FMA takes full FAP licensing to the regions
The FMA has been out and about talking to financial advice providers (FAPs) through the 8 steps to apply for a FAP full licence as part of Financial Advice New Zealand’s regional roadshow.
As at 27 June, 586 FAP full licence applications have either been approved or are in the process of being assessed by the FMA.
To get in touch with the team email us at licensing@fma.govt.nz
Latest scam warnings:
- Infintix Limited
- OMF
- Maxi Finance
- Goldridge Investment Limited
- nesbittrusteeslimited.com
Connect with us
 |