FMA to review access to financial advice

FMA chief executive Samantha Barrass told the Financial Advice New Zealand National Advisor Conference that it has been two years since the financial advice regulatory regime came into full effect and it is time to check in to see if it is delivering for consumers.

“Availability and quality of financial advice are cornerstones of the regime, and indeed written into the legislation’s purpose,” Barrass told delegates.

“Our view is that quality and availability are complementary, but they can also result in trade-offs.”

Focus areas for the review will include consumer preferences and demographics, industry business models and market dynamics, digital advice and innovation, and ease of provision of financial advice, but the FMA says it is open to feedback on the scope of the work. .