Mel's Farewell Blog
It’s been great to receive some really positive messages of support in my last few weeks at FMA. Regulators don’t expect to be popular but most of the people I’ve met over the course of the last... MORE »
Perimeter enforcement underway
Since 1 July I've noticed several advisers asking when are we going to take action against advisers who are breaking the new rules. That's an entirely fair question and a function expected of FMA. Now... MORE »
First monitoring feedback complete
Amongst the comments we’ve seen in recent days, we’ve seen a challenge for us to give advisers more guidance on what we expect from them. That process started some weeks back when a small group... MORE »
Providers’ responsibility for their KiwiSaver distribution
You may have seen recent reports that, in response to complaints received, FMA has stopped a KiwiSaver provider’s unregistered sales rep from engaging in unacceptable sales practices. The rep’s activities... MORE »
AFA applicants moving – but slowly
There are now 733 AFAs and it’s good to see the recent publicity about incomplete qualifications has resulted in a lot more information being sent through over the last week. I sit along the corridor... MORE »
It’s time to engage investors about the new regime
Those who attended the PAA conference would have heard FMA’s Chief Executive Sean Hughes talking about how, at its heart, regulation is about getting better outcomes for the people who need and use... MORE »
Why are some RFAs still advertising AFA services?
As I alerted in my last blog we've started doing spot checks on advisers to make sure they are now registered. One simple method has been to check the advertising or website of an adviser and if they... MORE »
AFA Monitoring & Registration Spot Checks Kick Off
This week we’ll be asking some Authorised Financial Advisers to submit their Adviser Business Statement (ABS). We will select a small number of AFAs from across the country (excluding the Canterbury... MORE »
A new era of opportunity for professional bodies
The IFA roadshow that recently ended has reinforced to me how valuable professional bodies will continue to be in a regulated world. Let me explain. First, I've talked before about this being a principles-based... MORE »
Disclosure disclosed
Recently, we’ve been fielding a range of questions on disclosure so I’d like to address some of them here for you. By way of background, the financial advisers regime establishes new rules around... MORE »
The property investment ‘loophole’
An article published about a ‘loophole’ in regards to property investment advisers has raised some concerns and questions. It might be helpful if I clarify a few points: Cabinet signalled in... MORE »
4 April: New deadlines for Christchurch advisers
It’s fantastic to finally be getting to Christchurch. Christchurch advisers have been in everyone's thoughts at every roadshow event. Since 23 February the Commission has said we’d be sympathetic... MORE »
Final countdown - Tips and reminders
There are just days to go now till our 31 March deadlines. We know many of you have already got your applications in – as of Friday 25 March we had received nearly 1,000 applications and we’re currently... MORE »
Visits, FMA and the AML
It was good to meet Taranaki advisers today and I’m looking forward to meeting Northland advisers next week as the roadshow draws to a close. It will be interesting to see whether they have similar... MORE »
The world after licensing
It's been great to see how well engaged roadshow audiences have been. Most seem to be fairly well sorted in terms of licence application readiness and are putting the finishing touches on their Adviser... MORE »
Getting ready for the new disclosure regime
Last week I was fortunate to meet advisers in Nelson, Wellington, Palmerston North and Napier. I found that AFA disclosure requirements are becoming increasingly topical as advisers complete their... MORE »
Regulator on the road: Competency requirements
I'm getting feedback as I travel the country that many advisers are waiting to lodge their AFA application until they’ve completed their competency assessment. But you don’t need to wait. By lodging... MORE »
Regulator on the road: Reflecting on professionalism
Regulation alone doesn't make people professional. It has to come from within. That's a message we've been emphasising a lot to the adviser industry in recent months as we explain how principles based... MORE »
Regulator on the road: From Balclutha
Understandably the mood was subdued at the first roadshow event as advisers were thinking of those in Christchurch, including advisers they know, who face unimaginable challenges. Some may still be... MORE »
Sec Com earthquake update for advisers
What a difference half a day makes. We all saw how a few minutes in Christchurch at lunchtime yesterday created a segment of our adviser community facing a very different and distressing set of circumstances. Like... MORE »
Advisers joining up - slowly
Thanks for the early comments. This blog, our attendance at roadshows and the various communications we have underway are all about increasing the flow of applications. I'll be covering several topics... MORE »
Regulator on the road
Over the next few weeks, I’m going to be on the road with the IFA Professional Development seminars. The seminars go the length and breadth of New Zealand and anyone can attend so I hope to catch-up... MORE »
