27 August 2026

James Miller has been appointed as Chair of the Financial Markets Authority (FMA) for a five-year term, which started 6 August. He tells us about his priorities.

I am incredibly proud to be appointed to be Chair of the FMA.

For me, the FMA has a key role to play in developing our capital markets and fixing New Zealand’s productivity challenges. 

I was on the inaugural board of the FMA between 2011 and 2015. As we responded to the global financial crisis and the collapse of the finance companies, it was clear that regulation which was too light raised the cost of capital and caused significant harm to investors. 

Regulation that’s too punitive also raises the cost of capital, hindering innovation and harming the country’s long-term prospects. The FMA’s job, working with policymakers, is to find the goldilocks zone in the middle. 

Well balanced regulation delivers an environment where entrepreneurs and savers can meet, deepening our capital markets from crowd funding to venture capital to the NZX50. We need to enable the formation of companies with the scale and scope to compete globally, with head offices and jobs created in New Zealand. 

Critical to this is enabling capital to operate in a way that enables us to work smarter, not harder, solving our ongoing productivity challenges. Cutting the cost and complexity of raising capital is key to our economic growth and a successful future.

I look forward to meeting and speaking to many of you in the months and years ahead. 

Ngā manaakitanga,  
James Miller, Board Chair 

Add-on insurance review highlights opportunities for insurers to improve consumer outcomes

Our Add-on insurance and extended warranties thematic review examined how insurers design, distribute and oversee add-on insurance products and extended warranties. The review identified several areas for improvement, with oversight of intermediaries and distribution channels requiring the most uplift.

The review highlights the need for insurers to better support informed consumer decision-making, and assess whether products continue to meet consumers' needs and objectives. It found insurers could make greater use of complaints and claims information to identify conduct risks and improve outcomes. 

It also found insurers are making progress in embedding Conduct of Financial Institutions (CoFI) requirements. Some firms demonstrated mature approaches to product governance, complaints management, consumer communications and the use of product performance data to improve consumer outcomes.

New research highlights opportunities to improve insurance outcomes for Māori

The FMA has published new research, Experiences of tangata whenua with insurances, providing valuable insights into barriers, challenges and opportunities for Māori within Aotearoa New Zealand's insurance system.

Key findings:

• Insurance is highly valued by Māori but affordability remains the most significant barrier to obtaining and maintaining cover. 
• Distrust and mistrust, access to information, climate-related risks and product suitability were also key challenges.

The research highlights the importance of mutual literacy, including greater understanding of te ao Māori and collective ownership structures within the insurance sector. 

Participants also identified practical solutions to enable Māori to participate as Māori in the insurance sector, including iwi-led and Māori-designed approaches, trusted navigators, and more accessible products, services and information.

We look forward to continuing the conversation with iwi, hapū, industry and other stakeholders.

Gavin Quigan recognised with Workplace Savings Award

Former FMA Principal Adviser Gavin Quigan received the Workplace Savings Award at the Financial Services Council of New Zealand 2026 Conference.

The Workplace Savings Award recognises individuals who have made an outstanding contribution to New Zealand's workplace savings community. It is fitting recognition of the lasting impact Gavin has had on the industry and generations of New Zealand investors.
Gavin retired earlier this year after more than 30 years with the FMA and its predecessor organisations, and more than four decades in the superannuation and pensions industry.

Throughout his career, he became one of New Zealand's most respected voices in KiwiSaver and workplace savings schemes, playing an important role in shaping and overseeing KiwiSaver and superannuation regulation.

Known for his deep expertise, practical approach and commitment to fair outcomes for investors, Gavin's influence extends well beyond the FMA. He is widely respected across the financial services sector and has been a trusted adviser, mentor and colleague to many throughout his career.

Congratulations Gavin, and thank you for your significant contribution to New Zealand's financial markets.

FMA team reaches finals of international regulatory innovation challenge

An FMA team has been selected as a finalist in the international C>DIR Hackathon. Run by the Cambridge Digital Innovation and Regulation Initiative (C>DIR), the hackathon brings together regulators, policymakers and technology experts from around the world to develop practical responses to complex regulatory challenges. 

This year's focus is on exploring how emerging technologies, including agentic AI, can help regulators keep pace with increasingly complex and fast-moving risks.

Our submission, Agent Kiwi (Knowledge, Intelligence, Workflow and Intervention), explores how AI could help regulators identify, assess and respond to scam activity more quickly and effectively.

Proposed by a multidisciplinary team from across the FMA, Agent Kiwi responds to a growing challenge facing regulators worldwide: turning increasing volumes of scam reports and intelligence into actionable insights quickly enough to help prevent consumer harm.

Over the coming weeks, the team will develop and refine a working prototype of Agent Kiwi before presenting it to an international panel of judges at the C>DIR Hackathon finals in September.

Have your say on AI in financial advice

There's still time to contribute to the FMA's exploratory thematic review of AI in New Zealand's financial advice sector.

Complete our survey to help shape the FMA's understanding of how AI is influencing financial advice, and support broader conversations about responsible innovation and good consumer outcomes in New Zealand's financial markets.

The survey closes on 4 September 2026. If you would like to participate but need more time, please contact us at questions@fma.govt.nz. Thank you to everyone who has already completed the survey.

Consultation on standard licence conditions opens in October

In October 2026 we will open consultation on proposed changes to the standard conditions imposed on market services licences issued under Part 6 of the FMC Act. 

The changes under consideration aim to streamline licensing and ongoing obligations. At present there is overlap in the standard conditions imposed on each market service, which adds complexity, particularly for entities licensed to provide two or more market services.

The consultation will also include a proposal to introduce standard conditions for licensed consumer credit providers. 

We encourage all interested parties to provide feedback on the proposal. We will consider submissions before finalising and notifying licensees of any changes, which will take effect in mid-2027.

To receive a notification when the consultation opens, make sure you are signed up for consultation alerts.

Class exemptions granted 

The FMA has renewed an existing class exemption relating to employee share purchase schemes.

The Financial Markets Conduct (Employee Share Purchase Schemes) Exemption Notice 2026 replaces the Financial Markets Conduct (Employee Share Purchase Scheme) Exemption Notice 2021 that expired on 6 August 2026.  

The exemption continues for a further five years relief in respect of certain offers of financial products that are made under or in connection with employee share purchase schemes, on the same terms and conditions as the previous notice.

Financial Services Council Conference

FMA Executive Director of Licensing and Conduct Supervision Clare Bolingford joined industry and regulatory leaders at the Financial Services Council of New Zealand's Amplify Conference to discuss the future of financial regulation in New Zealand. 

During the Regulation Breakfast panel discussion, Clare highlighted the FMA's approach as an outcomes-focused and engagement-led regulator, discussing the importance of identifying emerging risks early, supporting responsible innovation, and working collaboratively with industry and other regulators to achieve better outcomes for consumers and markets. 

Also at the conference, FMA Senior Adviser Financial Advice Ross Skilton took part in a panel exploring how New Zealanders access and use financial guidance. The discussion examined changing consumer behaviours, the growing influence of digital and non-traditional sources of information, and opportunities to improve access to quality financial advice.

Thank you to the Financial Services Council for bringing together a diverse group of voices to discuss how we can collectively shape what's next for New Zealand's financial sector.

Financial Conduct Report engagements

The FMA continued our Financial Conduct Report engagements in August, outlining regulatory priorities for sectors through a series of webinars.

Webinars were held for general insurers and life and health insurers, led by Executive Director Licensing and Conduct Supervision Clare Bolingford, and Director Credit, Deposit Taking, Insurance and Advice Michael Hewes.

Clare and Michael were joined by Acting Head of Credit Helena Lewis for a webinar with the credit sector.

Another credit-focused webinar was held for financial mentors, dispute resolution services and non-governmental organisations. It was led by Helena Lewis, along with Head of Licensing and Regulatory Services Anita Frazer, and Manager Regulatory Services Samantha McGuire.

It was great to engage during the question-and-answer sessions during the webinars, to help provide clarity for attendees on various topics.

Wrapping up the 2026 Financial Advice Provider Forums

Two virtual sessions of the 2026 Financial Advice Provider Forums were held last week, marking the conclusion of a series of events that attracted more than 1,000 advisers across the country and online.

The forums provided an opportunity to share insights from our supervision and enforcement work, discuss emerging regulatory developments, explore access to advice, and hear directly from the sector about the issues that matter most. Thank you to everyone who attended and contributed to the discussions. 

If you'd like to learn more about the key themes and feedback from the forums, subscribe to our Financial Advisers Update newsletter. In the September edition we’ll be sharing what we heard from the forums, along with key trends and themes emerging from our monitoring of financial advice providers. 

Court bans Peter Huljich for seven years over Pushpay insider conduct

The FMA has obtained a seven-year banning order against Peter Huljich and accepted an enforceable undertaking from Sarah Huljich (née Elder), concluding its insider conduct proceedings relating to the sale of shares in Pushpay Holdings Limited (NZX: PPH).

FMA Head of Enforcement Margot Gatland said, “Everyone trading in our markets is entitled to do so on the same footing, without others acting while holding information the market doesn’t have. 

“The seven-year ban that now concludes the FMA’s proceedings over the Pushpay share sale is a significant consequence. With Ms Huljich’s enforceable undertaking, this matter is at an end.”

Stay informed

Check out the FMA’s enforcement activity for more about the actions we take to protect investors and maintain market integrity.

Scam texts falsely referenced the FMA

In August, a large-scale phishing text campaign targeting cryptocurrency investors was sent to around 200,000 New Zealand mobile numbers. The messages falsely referred to the FMA and other trusted organisations in an apparent attempt to build credibility and encourage recipients to engage with the scam.

The FMA does not endorse, authorise, or approve cryptocurrency platforms, investment opportunities or promotions. If you receive communications claiming otherwise, we encourage you to approach them with caution and report them to us.

Reports from industry, telecommunications providers and members of the public are an important source of intelligence and help us identify and respond to scam activity. If you have concerns about suspicious investment-related content or websites, please contact us at questions@fma.govt.nz. 

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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