In a statement released today, the FMA have announced that they are seeking industry consultation on their proposed guidelines regarding advertising for financial products.
The statement said that for the FMA, “advertising is an area of concern due to the influence it may have on investor knowledge and behaviour. The proposed guidance sets out the FMA’s expectations of what good conduct in the advertising of regulated products looks like.”
The guidance focuses on how “fair dealing” requirements in the Financial Markets Conduct Act (FMC Act) apply to advertisements for financial products.
As well as traditional advertising mediums in print, broadcast, digital and outdoor formats, the guidance also applies to mobile apps, product brochures and promotional fact sheets, direct mail (eg written letters or email), group presentations and seminars, and advertorials.
The guidance sets out that advertisements should:
The guidance complements existing information published by the FMA, including the crowdfunding and peer-to-peer lending guidance, regulatory response guidelines and website content on the FMA’s approach to the fair dealing and stop order provisions.
Submissions close on February 16, 2021.
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