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Articles tagged with 'FMA'

FMA focus on financial advice

16 November 2017 - Financial advice is a key area of focus for the Financial Markets Authority, its chief executive Rob Everett told the Infinz conference.

Report, not court action, for Goldman Sachs

15 November 2017 - Trading by Goldman Sachs New Zealand might have been misleading but that will not be tested in court, the Financial Markets Authority says.

The Wrap: Has FSC launched a pre-emptive strike on the new adviser association?

10 November 2017 - A question on our minds this week is this: Has the Financial Services Council (FSC) launched a pre-emptive strike on the new Financial Advice New Zealand association?

FMA: Financial services changing fast

10 November 2017 - Financial Markets Authority chief executive Rob Everett says it might seem to observers that the financial services sector does not listen to its customers.

Target on advisers outside associations

7 November 2017 - Advisers who are not members of a professional association risk becoming disengaged or missing out on important information about the upcoming advice regulation overhaul, the Financial Services Council says.

Getting to Know: Janet Natta

3 November 2017 - Janet Natta wants more people to know that financial advisers are awesome.

The Wrap: Deadlines for changes clearer (maybe)

27 October 2017 - Since this is the Weekly Wrap we thought we'd try and wrap the week up, highlighting the key news stories and looking ahead to what's happening next week. Read on to see what's on the agenda.

Getting to Know: Jon-Paul Hale

20 October 2017 - Insurance adviser Jon-Paul Hale wants to see the industry working together much better.

Regulators collaborate on fintech

20 October 2017 - Confirmation of a “collaborative approach” to fintech between the Financial Markets Authority and its Australian counterpart, ASIC, is being described as good news for New Zealand financial service providers.

FMA fast-tracks roboadvice

18 October 2017 - Advisers can expect to see roboadvice in the New Zealand market next year, and the country’s banks and product providers are already developing their platforms.

Getting to Know: Anand Srinivasan

6 October 2017 - Anand Srinivasan has been making waves since he gave up working for a provider to work for himself.

FMA: Advisers can help clients avoid scams

6 October 2017 - Advisers have a key role to play in helping clients avoid scams, the Financial Markets Authority says.

FMA to KiwiSaver providers: We are getting impatient

5 October 2017 - KiwiSaver providers have been told they must do better, as the amount they earn in fees soars.

Are you part of someone else’s plan?

2 October 2017 - If you don't make plans yourself you will become part of somebody else's. It's an old saying but it’s true.

Getting to Know: Murray Harris

29 September 2017 - Murray Harris says financial advice is about much more than money and investments. But his time with the world's super-wealthy has given him added appreciation of both.

Deadline looms for information returns

28 September 2017 - Authorised financial advisers have until the end of this week to file their annual information returns – but there’s scepticism about what the exercise provides.

14pc of inquiries about advisers, FMA says

28 September 2017 - The number of financial adviser inquiries made to the Financial Markets Authority is steady year-on-year, the regulator's latest annual report shows.

Aussie robo provider wants to partner with Kiwi advisers

27 September 2017 - An Australian roboadvice platform is planning to enter the New Zealand market early next year and wants to work with local advisers.

Whistle-blowers more exposed under new rules

26 September 2017 - Whistle-blowers are set to lose some of their identity protection when the new financial adviser legislation comes into force.

Getting to Know: Andrew Kelleher

22 September 2017 - Andrew Kelleher - financial adviser, wealth manager... hole-digger?

Online offer 'more than quote and compare'

14 September 2017 - A new insurance advice firm is promising consumers a more in-depth online service.

New disclosure requirement could backfire

12 September 2017 - External disputes resolution schemes are worried that a new obligation requiring them to notify the Financial Markets Authority when they believe a law has been broken could lead to financial services providers being less willing to acknowledge their mistakes.

Getting to Know: Liz Koh

8 September 2017 - Adviser Liz Koh says she deliberately set out to build a public profile.

$5.4m Ponzi admitted

6 September 2017 - New Zealand investors have lost $5.4 million in another Ponzi scheme.

Warning for would-be providers

6 September 2017 - Advice firms planning to apply for a license as a financial advice provider may need to think twice before they adopt a model that relies on nominated representatives.

FMA: No regrets about $1.7m bill

1 September 2017 - Financial Markets Authority chief executive Rob Everett says $1.7 million for its case against fund manager Mark Warminger was money well spent.

FMA outlines plans - has eyes on advisers

30 August 2017 - The Financial Markets Authority is laying out how it plans to use its new, increase level of funding – and advisers can expect to receive its attention.

Under-active RFAs may drop out

29 August 2017 - A large number of advisers are not working full-time and may take the chance to drop out when new advice laws kick in.

Sharesies ponders advice offer

28 August 2017 - Working out how advice will fit into its platform is on the agenda for new investment provider Sharesies.

Getting to Know: Reagan Bax

25 August 2017 - Is Reagan Bax, brother of model Kylie Bax, the only member of the NZ financial advice sector to have played golf with Donald Trump?

No fine for QROPS adviser who breached code

23 August 2017 - A financial adviser has been censured and ordered to operate under supervision for at least six months after being found to have breached the code of conduct.

Managers issue risk warning

21 August 2017 - Fund managers are warning that the risk indicators they use in information for investors may make their funds seem less volatile than they really are.

Getting to Know: Peter Neilson

18 August 2017 - Peter Neilson was the chair of the Financial Services Council until insurers quit in revolt over a report into insurance commissions, and was the Associate Minister of Finance during the sharemarket crash. Here, he talks about why advisers should be more like surgeons.

Clients might need a bonds brush-up

17 August 2017 - Advisers are being warned that some clients may get a shock when rising interest rates put pressure on bond values.

New executive director for Harbour

15 August 2017 - Harbour Asset Management has revealed a new executive director.

QFEs get licensing head-start

15 August 2017 - Dealer groups and adviser networks may opt for financial advice provider status (FAP) under the new legislation, but it is expected to be an easier transition for existing qualifying financial entities (QFEs).

Working group lays out plans

14 August 2017 - A preliminary draft of the new code of conduct to cover all advisers is expected by next March or April, the working group developing it says.

Getting to Know: Binu Paul

11 August 2017 - Binu Paul is known in the industry for his fresh approach to the application of technology in financial services. But did you know about his plans to dabble in fashion?

Get basics right: Ballantyne

9 August 2017 - Naomi Ballantyne, Managing Director of Partners Life, talks about adviser businesses and getting them ready for the future, plus an update on their upcoming roadshow.

Managers struggle to find index to report against

9 August 2017 - An exemption is being proposed for fund managers who are unable to find a compliant market index to use when they communicate to clients how their funds have performed.

Bill won't get through this term - so what?

7 August 2017 - Labour 'can't guarantee' position of support for the Financial Services Legislation Amendment Bill won't change.

Getting to Know: Sue Brown

4 August 2017 - Sue Brown was known to many advisers as the face of regulation at the FMA. She's now off on her own, operating Sue Brown Solutions.

Many advisers 'won't pass licensing hurdle'

1 August 2017 - As many as 40% of advisers may fail to receive a licence under the new regulatory regime, it has been suggested.

Warminger, FMA withdraw appeals

31 July 2017 - Mark Warminger has withdrawn his appeal against the High Court judgment that found him guilty of market manipulation, citing health issues and the impact on his career.

Robo exemption a win for big providers

31 July 2017 - Former FMA senior solicitor Simon Papa considers plans to allow roboadvice ahead of the law changes.

Getting to Know: Richard Klipin

28 July 2017 - Richard Klipin is tackling the job of rejuvenating the FSC in a period of big change for the industry.

Advisers should be whistle-blowers

27 July 2017 - Advisers are blowing the whistle on each other – and industry commentators say that’s to be encouraged.

Bigger questions to ask of retirement policy: Report

25 July 2017 - Analysts says the 'jokey' 2016 review from the Retirement Commissioner missed some of the big questions.

FMA finds room for improvement

21 July 2017 - Consumers still feel they are not getting enough information about the fees and costs associated with the financial products they hold, and why they are suitable choices.

Robo exemption would clarify murkiness: FSF

21 July 2017 - Consumers could be put at risk if the Financial Markets Authority does not allow roboadvice to be deployed soon, the Financial Services Federation is warning.

FMA overstepping bounds: Weatherston

20 July 2017 - [ADDS FMA COMMENT] Financial adviser Murray Weatherston says the Financial Markets Authority does not have the legal standing to offer the exemption it is proposing, to clear the way for roboadvice.

Performance fees still need work: Morningstar

19 July 2017 - [UPDATED, ADDS FMA COMMENT] Some New Zealand fund managers are still charging inappropriately structured performance fees, despite FMA attempts to offer guidance, Morningstar director of manager research ratings, Asia-Pacific, Chris Douglas said.

Lack of adviser voice 'scary'

19 July 2017 - Mike Newton, of advice firm Newton Ross, told Good Returns it was scary that none of the nine people chosen to develop the new code were financial advisers.

Request useful investor information, advisers told

18 July 2017 - Investors and financial advisers are being told they should not be afraid to put pressure on companies to get them to report information in a way that is useful to them.

ANZ launches scheme to help retain KiwiSaver clients

14 July 2017 - ANZ is launching a new system through which it hopes to hold on to more of its KiwiSaver members.

Adviser gets community work, fine

13 July 2017 - A former registered financial adviser who forged clients’ initials and falsely amended insurance applications has been sentenced to 150 hours of community work, six months' community detention and ordered to pay reparations of $16,461.24.

Committee argues for level playing field for advisers

12 July 2017 - Moves to allow roboadvice must ensure that providers are held to the same standards as authorised financial advisers, the Code Committee says.

Warminger appeal date set

10 July 2017 - A date has been set for Mark Warminger and the FMA to return to court. Each plan to appeal the verdict of the recent market manipulation case, in which...

FMA rules could stop KiwiSaver robo before it starts

6 July 2017 - Plans that would allow roboadvice to enter the New Zealand market as early as next year may stop KiwiSaver providers getting involved.

New AML classification for financial advisers - what changes?

5 July 2017 - Advisers have had their AML risk assessment downgraded but don’t expect that to translate into any lesser regulatory requirements.

Warminger slapped with hefty penalty (+ JUDGMENT)

30 June 2017 - The High Court has handed former fund manager Mark Warminger a substantial penalty but the appeals continue.  

PAA slams banks for undermining advisers

29 June 2017 - Unfair bank practices designed to undermine advisers have incurred the wrath of the Professional Advisers Association (PAA) and prompted it to go into bat for its members.

New robo service 'NZ's smartest financial adviser'

29 June 2017 - The financial adviser behind a new online KiwiSaver advice site says the platform is competition for traditional financial advice models.

FMA appoints board member

20 June 2017 - Commerce Minister Jacqui Dean has revealed a new Financial Markets Authority appointment.

FMA proposal criticised by fund managers

15 June 2017 - Fund managers are worried by Financial Markets Authority-proposed guidance on substantial product holders’ disclosure obligations, which the regulator says are designed to improve transparency and deter inappropriate conduct.

Investor confidence at record high

29 May 2017 - Investor confidence is up and the chief executive of the Financial Markets Authority is confident that it is more likely to stay that way.

Chance to learn from licensing mistakes

26 May 2017 - Advisers who have to go through the entity licensing process could do well to learn from early Financial Markets Conduct Act license applicants and not submit applications that contain the words “insert company name here”.

FMA acknowledges regulatory 'burden'

19 May 2017 - The Financial Markets Authority says it is concerned with how the burden of regulation is being felt by the financial services industry.

FMA appoints enforcement head

13 April 2017 - The Financial Markets Authority has appointed a prosecutor to oversee its enforcement work.

Broker concerns referred to FMA

12 April 2017 - Concerns over the activities of brokers at Brilliant Finance Ltd have led Mortgage Express to cut their ties with them and go to the Financial Markets Authority (FMA).

More AFAs and Govt eyeing ways to keep them

27 March 2017 - New statistics from the Financial Markets Authority show that more authorised financial advisers joined the industry than left over the 12 months to June 30.

FMA files charges over insurance policies

17 March 2017 - The Financial Markets Authority has filed charges against Garry Patterson.

No monitoring team, no plan for AFAs: FMA

17 March 2017 - The Financial Markets Authority has revealed it has no staff members specifically tasked with monitoring financial advisers, and no set plan of how to do so.

Warminger's trial shows traders' purpose important

13 March 2017 - Milford Asset Management portfolio manager Mark Warminger's trial has helped to show that the purpose of a trade, rather than solely its effect, may be the defining factor in determining market manipulation.

Managers pay up for licenses

9 March 2017 - Half the licensed managed investment schemes (MIS) had to pay more than the headline fee for their ticks of approval - and some were charged more than $10,000, it has been revealed.

FMA: No hard lines on KiwiSaver incentives

8 March 2017 - KiwiSaver providers can offer incentives to entice customers to their schemes, so long as they do not distract the customer from making good decisions about KiwiSaver.

Court says Warminger manipulated the market

3 March 2017 - A High Court judge has ruled that Milford Asset Management's Mark Warminger manipulated the market when trading two stocks.  

FMA asks for client files

22 February 2017 - Advisers who received requests for information from the Financial Markets Authority (FMA) in its investigation into replacement business have now been asked to hand over copies of client files.

One case in 10 related to advisers: FMA

21 February 2017 - Going to court is not always the most effective way to deal with conduct and compliance issues, the Financial Markets Authority says.

No more agents but not everyone impressed

20 February 2017 - New rules governing financial advice have done away with a proposed "agent" category, but many people are unimpressed.

'Sales and advice' one of FMA's risk priorities

15 February 2017 - Advisers can expect an increase in monitoring activity over the coming year as the Financial Markets Authority resumes tighter supervision of the sector.

Lack of awareness on AML

14 February 2017 - Some advisers who should comply with anti-money laundering legislation do not realise their obligations – and others are wilfully ignorant, compliance experts say.

FMA warns on AML, won't name and shame

8 February 2017 - Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws.

FMA faced conduct criticism

7 February 2017 - The Financial Markets Authority was told its early draft of a conduct guide for market participants was both too prescriptive, and not prescriptive enough.

Conduct guide not 'one rule for all'

2 February 2017 - Authorised financial advisers are being told that the Financial Markets Authority's conduct guide, released today, does not alter in any way the Code of Conduct that financial advisers already practise under.

Guide to good conduct

21 December 2016 - The Financial Markets Authority is being urged to clarify the intent of its proposed guide to good conduct to avoid confusion between what is demonstrated to customers and what is demonstrated to the FMA as market regulator.

FMA not happy with AML reporting (+ Special Guide)

19 December 2016 - The Financial Markets Authority is promising to adopt a stronger position on reporting entities who fail to meet their obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act.

Bean: Stop advisers going extinct

9 November 2016 - DIMS providers say it is getting harder to run a profitable business in the current regulatory environment.

FMA: You shoudn't need a 'how to' client-first guide

8 November 2016 - New Zealand’s financial services sector shouldn’t require a “dummy’s guide” to regulation, the chief executive of the Financial Markets Authority says.

AFAs dodge levy increase

7 November 2016 - The Financial Markets Authority is moving ahead with its plan to raise an extra $9.8 million in funding a year – mostly from market participants. But there is good news for AFAs and smaller DIMS providers.

Industry adjusted to culture shock: FMA

10 October 2016 - The Financial Markets Authority says its latest annual report shows it has started establishing itself as a fully-fledged conduct regulator – but there has been some “culture shock” in the industry as it made the adjustment.

Assumptions, not evidence – Warminger defence

7 October 2016 - Expert witness based his analysis of Mark Warminger’s trading activity on assumptions about intent, defence lawyers claimed in the latest instalment of the high profile market manipulation trial.

Acceptable trading behaviour questioned

6 October 2016 - Portrait of Mark Warminger as an aggressive, emotional trader emerges as his trial for market manipulation at the Auckland High Court continues into its second week.

New Zealand 'has conflict problem'

4 October 2016 - Almost half the Financial Markets Authority’s executive management team and board of directors have held roles with banks or other financial institutions such as fund managers, sparking concerns about the potential for conflicts of interest.

FPH trading under trial spotlight

30 September 2016 - The spotlight in the Mark Warminger case swung on to two of New Zealand’s investment sector heavyweights in day four of the trial at the Auckland High Court.

Getting clarity on market manipulation

29 September 2016 - Guidelines intended to provide brokers with more clarity on market manipulation are currently being worked on by the NZX, it has emerged at the Mark Warminger trial at the Auckland High Court.

Trades get all-clear from 'world leader'

28 September 2016 - A witness described as one of the world’s leading experts in market manipulation is reportedly due to tell the Auckland High Court there was no evidence Mark Warminger’s trading amounted to market manipulation.

FMA 'suggested' Diversified sell to Fisher

29 August 2016 - The Financial Markets Authority says it “suggested” Diversified Investment Strategies talk to Fisher Funds about buying its Law Retirement KiwiSaver Fund – but did not recommend or broker the sale.

Sue Brown moves on to new business

19 August 2016 - Former Financial Markets Authority regulation boss Sue Brown is starting her own consultancy firm.

Life insurance adviser's warning 'a message'

19 August 2016 - The Financial Markets Authority may be trying to send a message to the industry by making public some of the details of a warning delivered to an insurance adviser.

'Client's best interests' doesn't have to mean cheapest

17 August 2016 - Having only a limited product set to offer clients should not stop advisers putting their clients first, the Financial Markets Authority says.

Govt should bear more of FMA funding cost: IFA

9 August 2016 - New Zealand's Government should step up funding of the Financial Markets Authority, to avoid the burden being passed to industry participants, the Institute of Financial Advisers says.

Financial services provider 'should be allowed to follow law'

5 August 2016 - Financial markets participants should be entitled to work on the basis of what the law tells them to do – not how the Financial Markets Authority wants them to interpret it, one legal expert says.

Adviser numbers drop

4 August 2016 - The number of New Zealanders accessing financial advice is growing, but not fast enough for the Financial Markets Authority's liking.

Financial Advice NZ could play regulatory role

3 August 2016 - Advisers could partially be regulated by Financial Advice NZ, rather than the FMA, if the new organisation can get sufficient support from the industry.

'Client first' right standard for the industry: Everett

28 July 2016 - Financial Markets Authority chief executive Rob Everett says he has no patience for people who think the requirement to put clients first is difficult to implement or inappropriate in financial services.

FMA wants more money

26 July 2016 - The Financial Markets Authority wants more funding – and the Government thinks financial markets participants should pick up the tab. 

Industry must face up to trend for commission regulation

15 July 2016 - Massey University's Michael Naylor discusses the FMA's report on insurance replacement business.

FMA tight-lipped on Hansa investigation

11 July 2016 - A financial advice firm is being investigated by the Financial Markets Authority and Serious Fraud Office.

Support for $100k FMA conference

6 July 2016 - There's support from the financial advice industry for the Financial Markets Authority spending $100,000 on its recent conference.

FMA fraudster appeals

5 July 2016 - A former FMA staffer who ripped off investors is appealing his jail sentence.

Let's deal with rogue advisers

4 July 2016 - Only very small number of insurance brokers are doing anything dodgy, writes David Whyte.

Associations: Act on dodgy advice

4 July 2016 - Adviser associations are hoping the Financial Markets Authority will act quickly on any instances of bad behaviour among insurance advisers.

'High-volume' advisers earn 50% more

30 June 2016 - Half of the insurance advisers with at least one active policy on their books were not earning enough in commission to make the minimum wage, the Financial Markets Authority says.

What the FMA will do next

29 June 2016 - The Financial Markets Authority has identified its target and will start to knock on the doors of advisers it is worried are churning business.

Minister says no commission ban

29 June 2016 - Commerce Minister Paul Goldsmith says banning commissions isn't something the government will do, even though the FMA says they create problems.

Churn report should include banks: Insurers

29 June 2016 - [UPDATED] Insurers have welcomed the Financial Markets Authority turning its attention to replacement business – but say it is incorrect that banks cannot churn customers.

FMA says commission drives churn

29 June 2016 - [UPDATED] The long-awaited Financial Markets Authority report on life insurance churn is out and advisers who replace policies regularly will be watched closely.

Second SPGI director sentenced

22 June 2016 - A former SPGI director has been sentenced to four months’ home detention and 200 hours’ community work for making false statements in the company’s financial statements.

FMA: Changing regulatory landscape hard for some

26 May 2016 - New Zealand’s new world of financial regulation has come as a shock to many, but the Financial Markets Authority boss says it is building an improved investment environment.

FMA: Advice at retirement 'crucial'

24 May 2016 - New Zealand needs to address a financial advice gap, the chief executive of the Financial Markets Authority says.

FMA: No emails please

19 May 2016 - The FMA says advisers no longer need to contact its staff to tell them that their ABS is current. “While this is an important part of your standard conditions,...

Investor confidence drops

18 May 2016 - Financial advisers may be able to use KiwiSaver to start a wider conversation with investors, the Financial Markets Authority chief says.

FMA wins deregistration fight

13 May 2016 - The Financial Markets Authority has successfully appealed a High Court ruling that it breached a company's right to natural justice when it did not give detailed evidence for its decision to remove it from the FSPR.

Ensure full disclosure - ComCom

5 May 2016 - Failure to disclose all the required information to mortgage borrowers could cost lenders, the Commerce Commission has warned.

FMA slaps Craigs over AML failures

3 May 2016 - The Financial Markets Authority (FMA) has issued a formal warning to Craigs Investment Partners for breaches of anti-money laundering rules.

IMF to assess New Zealand

27 April 2016 - Reserve Bank oversight of the New Zealand insurance and banking sectors, and Financial Markets Authority regulation of the markets, are to be assessed by the International Monetary Fund.

Are you confronting clients' biases?

22 April 2016 - Investment advisers are being told to pay more attention to the unconscious biases that may be driving their clients’ behaviour.

Companies dodging regulation a headache for FMA

13 April 2016 - The Financial Markets Authority wants advisers’ help to tackle the problem of New Zealanders getting ripped off by unregulated investment offers.

Where is the line for 'disrepute', IFA asks

1 April 2016 - The Institute of Financial Advisers wants more clarity around authorised financial advisers’ obligation not to bring the industry into disrepute.

Advisers slow to file renewals

23 March 2016 - Three authorised financial advisers (AFAs) have opted not to renew their authorisations since they fell due but many are leaving it too late to get their applications in, the Financial Markets Authority (FMA) says.

Thomas to step down from FMA

14 March 2016 - The Financial Markets Authority is advertising for new board members.

Index submission criticised

9 March 2016 - Questions are being raised about how key industry figures balance potential conflicts of interest, after the chairman of the Code Committee made a controversial submission on the way fund managers are required to describe their fees.

Campbell takes new role

1 March 2016 - The Financial Markets Authority’s former head of supervision Kirsty Campbell has moved to a role at Catalyst Advisory Partners.

FMA tackles performance fees

1 March 2016 - [UPDATED] Fund managers are being told they must make it clear to investors that they may be paying a performance fee twice for the same return if they do not use a high-water mark.

FSC collapse spectacularly bad timing

29 February 2016 - Could the Financial Services Council have picked a worse time to fall apart?

FMA: Conflict not a problem

22 February 2016 - The Financial Markets Authority says it has robust policies in place to manage any potential conflicts of interests from its board members.

FMA offers advisers tools

18 February 2016 - The Financial Markets Authority hopes new investor resources it is developing will be useful to advisers wanting to equip their clients with more information.

AML compliance improves, despite three warnings

17 February 2016 - Advisers are better understanding their AML/CFT obligations, the Financial Markets Authority says.

FAA forums booked out

2 February 2016 - Demand has been strong for the upcoming forums on the Financial Advisers Act, run by the Financial Markets Authority and MBIE. All three sessions, in Auckland,...

Decisions still pending on FADC referrals

28 January 2016 - Investigations continue into two possible referrals to the Financial Advisers Disciplinary Committee.

FMA raises KiwiSaver bar

18 November 2015 - KiwiSaver providers are focusing more on pushing products than providing advice to ensure their members are in the right funds, the Financial Markets Authority says.

Advice under FMA spotlight

17 November 2015 - FMA raises concerns about lack of advice for KiwiSaver members but says overall AFAs doing well.

FMA grabs NZ Super man

5 November 2015 - The Financial Markets Authority has nabbed an executive from the NZ Super Fund to head up its external communications and investor resources.

Disclosure a tool, FMA says

19 October 2015 - Financial services providers are being told to ensure they disclose information such as staff product sales incentives in a way that helps customers, not just provides the business with legal protection.

FMA makes changes to exec team

16 October 2015 - FMA has revised its organisational structure and made a number of appointments but is without a director in its Communications and Investors sector.

NZ’s 4th P2P lender to target SMEs

12 October 2015 - New Zealand’s peer-to-peer (P2P) lending scene is set to get busier, following the news that Lending Crowd received its license from the Financial Markets Authority (FMA) on Friday.

Rest of industry gets taste of what advisers have been through

5 October 2015 - The rest of the financial services industry is starting to get a taste of the regulation financial advisers have been operating under for years, the Financial Markets Authority’s chief executive says.

Fourth OPI director pleads guilty

25 September 2015 - A former director of OPI Pacific Finance, David Mark Anderson, has been sentenced to 300 hours community work and ordered to pay A$100,000 in reparation.

FMA staffer scam allegations damaging

21 September 2015 - Heads may roll at the Financial Markets Authority (FMA) after the embarrassing revelation that one of its analysts was charged with forging his academic record and running a Ponzi-style scam, a former senior adviser at the regulator says.

Advisers' concern at bank bundling

15 September 2015 - Advisers are worried about banks moving in on their turf with home loan offers that require customers to have multiple products with the lender.

Getting to know... Elaine Campbell

11 September 2015 - Known to many advisers from her time as head of compliance at the FMA, Elaine Campbell is now on the other side of the regulatory fence, at AMP. She talks being a working mum, moving from Wellington and welding...

Class DIMS not just for the big guys

11 September 2015 - A financial adviser who has been licensed to provide class DIMS services says it should give reassurance to other independents that licensing is not just for the big operators.

AFA market loses more than 100 advisers in a year

3 September 2015 - UPDATED There are concerns that the number of new AFAs being authorised by the Financial Markets Authority is not keeping up with the number who are terminating their authorisation.

FMA urges KiwiSaver check-up

30 August 2015 - FMA wants New Zealanders to give their KiwiSaver accounts an online health check as part of Money Week.

Two advisers investigated

28 August 2015 - FMA began investigations into two potential referrals to the Financial Advisers Disciplinary Committee in the past year.

FMA tells managers about misconduct risks

14 August 2015 - The FMA has sent a Information Sheet to fund managers about misconduct risks which is being interpreted as a response to alleged market manipulation at Milford Asset Management.

Retirement planning has to start somewhere: FMA

13 August 2015 - It is difficult for people nearing retirement to get access to the financial advice they need, it has been argued.

Retirees have low risk tolerance but high expectations

12 August 2015 - Advisers who want to encourage their clients into less conservative investment options to provide better retirement income may have a hard road ahead of them, new research indicates.

Squirrel to fire up NZ’s P2P market

10 August 2015 - Squirrel Mortgages is set to launch its peer-to-peer (P2P) lending service early next month, after receiving New Zealand’s third P2P licence from the Financial Markets Authority (FMA) on Friday.

Two advisers get personalised DIMS nod

10 August 2015 - Two advisers have been authorised to provide personalised discretionary investment management services.

Fraud would cost adviser authorisation

10 August 2015 - An AFA who was jailed last week on fraud charges after being blackmailed by his ex-mistress has lost his house and his wife's retirement savings ... and, potentially, his adviser authorisation.

Milford a test case, lawyer says

6 August 2015 - The FMA will be reasonably confident in its chances of success in civil proceedings against Milford Asset Management portfolio manager Mark Warminger,...

Moffatt leaves FMA

3 August 2015 - FMA enforcement boss Belinda Moffatt is leaving the regulator.

FMA takes action against Milford trader

31 July 2015 - The FMA has issued civil proceedings in the High Court against Milford Asset Management portfolio manager Mark Warminger.

FMA drops Capital + Merchant action

28 July 2015 - A civil claim against Capital + Merchant Finance was unlikely to recover more of investors' money, the FMA said today as it announced it had stopped the proceedings.

KiwiSaver incentives help advisers

16 July 2015 - Incentives to encourage New Zealanders to join KiwiSaver are being described as a big help to advisers, even if the Financial Markets Authority isn’t entirely happy about them.

Sovereign confirms Select sale

7 July 2015 - Sovereign has finally confirmed its intention to sell its Select Wealth Management service to JMIS, as first reported by Good Returns. 

FMA: Settlement gives investors more

6 July 2015 - An $18 million settlement negotiated with the former directors of Hanover Finance, Hanover Capital and United Finance is a better outcome than would have been achieved through court, the FMA says.

FMA targets investor knowledge

6 July 2015 - The FMA says it wants to see more investors seeking financial advice.

Why Dealer Group QFEs isn't a far-fetched idea

5 July 2015 - The reaction to the idea that dealer groups should or could become QFEs has certainly created some friction. Don't write the idea off...here's why.

FMA tipped to crack down on more managers

24 June 2015 - Milford Asset Management will not be the last fund manager to fall foul of the Financial Markets Authority, one legal expert says.

Milford action should boost confidence: NZSA

22 June 2015 - Financial Markets Authority action against Milford Asset Management should give investors more confidence, says New Zealand Shareholders Association chairman John Hawkins.

Is the FMA looking in right places?

19 June 2015 - Ever since news broke that the FMA was investigating Milford Asset Management over market manipulation allegations I’ve said there can’t be smoke without fire.

FMA keeps eye on RFAs

19 June 2015 - Reports of misconduct by registered financial advisers are a priority for the FMA over the next four years, it says in its latest Statement of Intent, tabled in parliament yesterday.

FAA doesn't work: Everett

17 June 2015 - FMA chief executive Rob Everett says the FAA doesn't work, but wonders how much advisers want to change it. "We strongly support the ‘root and branch’...

Advisers asked for input

12 June 2015 - Advisers have been handed five key questions that will help the IFA and PAA make a submission on the Financial Advisers Act review.

FMA changes its executive team

11 June 2015 - The Financial Markets Authority has appointed a chief operating officer and changed its executive team following the departure of Elaine Campbell.

FMA adds board members

4 June 2015 - Three new members have been appointed to the board of the FMA.

44 apply for class DIMS

3 June 2015 - Just 44 applications had been made for a class DIMS licence by the May 31 deadline, the Financial Markets Authority has confirmed.

Churn debate: AMP surprised

2 June 2015 - AMP was "suprised, but pleasantly surprised" that the FMA has launched its investigation into churn.

FMA starts major investigation into churn

29 May 2015 - The Financial Markets Authority has launched a massive investigation into life insurance churn using special powers it has under law.

Receivers called in

28 May 2015 - The High Court in Christchurch has granted the Financial Markets Authority’s (FMA) application for Grant Graham and Neale Jackson of KordaMentha to be...

Assets of FX trader seized

21 May 2015 - The FMA is investigating Arena Capital which has been trading as BlackfortFX). The FMA has obtained asset preservation orders over the company's assets...

FSPR crackdown

19 May 2015 - The Financial Markets Authority has confirmed a number of offshore firms have been removed from the Financial Services Provider Register (FSPR).

Adviser pleads guilty

13 May 2015 - A former financial adviser has pleaded guilty to stealing nearly $3 million.

DIMS exemptions welcomed

6 May 2015 - There’s relief that the Financial Markets Authority has responded to industry concerns and altered what it will consider a small DIMS provider.

SPI directors fined for breaching financial reporting rules

30 April 2015 - The two directors of SPI Property Fund Limited have today been fined $25,312 each for breaches of the Financial Reporting Act in the Auckland District...

FMA pursues non-filers

29 April 2015 - FMA is chasing up errant authorised financial advisers who have not filed their information returns.

Advisers under the magnifying glass

24 April 2015 - Data collected from last year’s first round of information returns by authorised financial advisers shows how diverse the industry is and will help target monitoring activity, the FMA says.

FMA list reinstated

19 April 2015 - The FMA has reinstated its website list of AFAs. It was removed when the site was revamped – a spokeswoman said the FSPR provided a more up-to-date register. The...

MOUs signed

19 April 2015 - FMA has signed memorandums of understanding (MOU) with the Insurance Savings Ombudsman and the Banking Ombudsman Scheme. It signed MOUs with the FDRS and...

Bad news for Milford

2 April 2015 - [UPDATED WITH FMA, MILFORD COMMENT] Milford Asset Management has had a $281 million mandate suspended while an investigation into alleged market manipulation continues.

FMA: No hold-up

26 February 2015 - There is no hold-up with the investigation into Milford Asset Management, the Financial Markets Authority says.

Match-fixing in funds management

16 February 2015 - Whoever leaked information the FMA was investigating Milford Asset Management for suspected market manipulation had very good timing.

What's behind the FMA investigation into Milford?

10 February 2015 - Milford’s decision to out itself and fess up to being the fund manager at the centre of the FMA’s market manipulation investigation earn the company a tick.

FMA: Mount was pre-regulation

22 December 2014 - A Nelson adviser who ripped off his clients was operating at a time of much less stringent regulation, the Financial Markets Authority says.

Commission ban deferred but Ripoll effect to hit NZ

24 November 2009 - The much-anticipated Australian government report investigating financial advisers and products has just stopped short of recommending an outright ban on commissions.

Finance company enquiry not about redress: Dalziel

8 September 2009 - The Parliamentary inquiry into finance company collapses will not be an avenue of redress for investors in failed ventures, rather it will focus on the issues facing investors to ensure they are well-informed.

Surrenders hit AMP's life book

20 August 2009 - AMP New Zealand’s operating earnings for the six months to June 30, fell 15% to A$23 million (or 9% in New Zealand dollar terms), largely due to higher surrenders resulting from the re-pricing of the term risk book in 2008, aggressive competition, and the weak New Zealand economy.

MED puts out paper on financial adviser disclosure

2 July 2009 - The Securities Commission has called for submissions on disclosure regulations for financial advisers in the latest round of papers on the legislation.

Sue directors, not advisers: Lawyer

2 June 2009 - Investors in failed finance companies should look first to sue the directors of fraudulent finance companies when seeking damages, not the financial advisers who relied on supposedly credible prospectuses to base their recommendations, according lawyer Brian Henry.

Commission recommends compliance by the book

12 May 2009 - Financial advisers looking to beef up their compliance processes in preparation for regulation should check out the guidelines recently published by Standards New Zealand, the Securities Commission said in its latest bulletin.

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Lender Flt 1yr 2yr 3yr
ANZ 5.79 ▼4.95 ▼5.15 5.49
ANZ Special - ▼4.45 ▼4.65 4.99
ASB Bank 5.80 4.75 4.99 5.29
ASB Bank Special - 4.39 4.69 4.99
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.69 ▼4.99
BNZ - Std, FlyBuys 5.90 4.99 5.29 5.59
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.75 4.99 5.29
HSBC Premier 5.79 4.19 4.29 4.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.95 5.15 5.49
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.55 4.65 4.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special 5.00 - 4.75 -
SBS Bank 5.89 4.99 5.19 ▼5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.59 4.69 ▼4.99
Sovereign 5.90 4.75 4.99 5.29
Sovereign Special - 4.39 4.69 4.99
The Co-operative Bank - Owner Occ 5.75 4.55 4.69 4.99
The Co-operative Bank - Standard 5.75 5.05 5.19 5.49
TSB Bank 5.80 4.80 5.15 5.45
TSB Special - 4.55 4.69 4.79
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 5.19 5.44
Westpac - Capped rates - 5.26 5.36 -
Westpac - Offset 5.95 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 4.59 4.69 4.94
Median 5.82 4.78 4.99 5.29

Last updated: 15 November 2017 9:40am

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The maximum remuneration model for Australian life insurance advisers is to be set at what?

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Upfront 60% + trail 20%

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