You are subscribed as [email address suppressed]

| View Online
August 2019

FMA Update:

Money Week with Mary Holm


Welcome to the August FMA Update. This month we’ve been hitting the road to talk about financial adviser transitional licensing, and preparing for Sorted Money Week.


Investor confidence results published

The second part of the annual investor confidence survey has been published. These results focus on peoples’ attitude to investment risk and their knowledge of concepts such as diversification.

Read more about the research here






Using behavioural insights to improve KiwiSaver outcomes

We have published the results of a trial with the Inland Revenue Department (IRD) and AMP’s KiwiSaver team to see whether improvements to enrolment communications might increase the likelihood of members making an active fund choice, and reduce the number of people opting out of KiwiSaver.

Read the report






World Investor Week is coming!

IOSCO World Investor Week (30 September to 6 October) is a global initiative to promote investor education and protection. In support of the week, the Bay of Plenty branch of the New Zealand Shareholders Association will be hosting an event for investors on Thursday, 3 October. We’re keen to help promote other industry and investor events; to let us know what your organisation is planning, email us at

Register here






New exemption for scheme managers

We have granted a new exemption relieving managers of schemes that invest in secured loans from the requirement to name borrowers in disclosure documents or on the Disclose Register.  Alternative information about the secured property must be provided to assist investors.

Read the exemption notice


Financial Markets Infrastructure Bill

The Reserve Bank is consulting on a draft Bill to establish a new regulatory regime for financial market infrastructures (eg payment systems and securities settlement systems). The Bill will establish a standalone act to replace the regime currently contained in the Reserve Bank of New Zealand Act 1989. The FMA and the Reserve Bank will be the joint regulators.

Submissions are due by 5pm on 26 September 2019.

Read the draft Bill and consultation document

Consultation on new financial advice regime exemptions

The Financial Services Legislation Amendment Act 2019 will introduce a new regulatory regime for financial advice by amending the Financial Markets Conduct Act 2013 (FMC Act). We are seeking feedback on matters relating to current exemptions under the Financial Advisers Act 2008, and also considering where exemptions may be useful to support effective operation of the new regime.


Submissions close at 5pm on Friday 13 September 2019.

Read the consultation paper and make a submission

Insurer Conduct and Culture seminars

Over the past month FMA’s Scott McMurray and Michael Hewes, along with Reserve Bank of New Zealand staff, have presented to the Insurance Council of NZ and to Health Funds Association of New Zealand members on the Life Insurer Conduct and Culture review.


More than 100 people attended various seminars with the clear message that delivering good customer outcomes must be at the centre of what insurers do. Strong governance, conduct and risk management, and remediation activity must be given priority.


The seminar series provided senior executives from the non-life and health industries the opportunity to ask questions of the joint team.


Latest news


Finding on ANZ related party transaction

We completed our inquiry into disclosure by ANZ of the sale of the property at 269 St Heliers Bay Road, Auckland by Arawata Assets Limited to Deborah Veronica Walsh (the wife of former CEO, David Hisco) and determined that ANZ New Zealand Group should have disclosed this as a related party transaction in its 2017 financial statements.

Read More

Steven Robertson convicted on 38 charges relating to PTT Limited and associated entities

The Financial Markets Authority (FMA) has welcomed the Auckland High Court convicting Steven Robertson of 38 charges relating to PTT Limited and associated entities.

Read More


FMA suspends AxiCorp derivatives licence

We suspended the derivatives issuer licence of AxiCorp Financial Services Pty Limited (trading as AxiTrader) for material breaches of the Financial Markets Conduct Act 2013.

Read More

Former Promisia chairman admits insider trading breaches

Eoin Malcolm Miller Johnson, a former director and chairman of NZX-listed Promisia (PIL), has admitted to insider trading conduct and breaching a director’s disclosure obligations. He will pay $75,000, in lieu of a penalty, to the Financial Markets Authority (FMA).

Read More

We’re Hiring

Join a vibrant and dynamic team that embraces work-life balance, a commitment to employee wellbeing, and opportunities for learning and development.

View our Vacancies


Warnings and alerts


21 August 2019

Profitix and Enigma GRC Limited


19 August 2019

Trinity Investments Limited


21 August 2019

Dang Kang International Group


14 August 2019

JJ Lloyd and

Financial Markets Authority
Level 5, Ernst & Young Building
2 Takutai Square, Britomart
Auckland 1143
New Zealand Government
Copyright © 2019 Financial Markets Authority.