The FMA says that under the new regulations and licence requirements, FAPs must have and maintain a business continuity plan that includes procedures for responding to, and recovering from, events that impact cybersecurity and continuity (condition 5).
Additionally, the new Code of Professional Conduct for Financial Advice Services requires providers to ensure client information is protected against loss and unauthorised access, use, modification or disclosure.
The FMA’s guidance outlines key areas for all licensees to focus on to build and maintain the security and resilience of their technology systems.
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