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NZ's Financial Adviser News Centre

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Articles tagged with 'FMA'

FMA wants feedback on green bonds

4 April 2024 - The Financial Markets Authority (FMA) is considering whether to grant a class exemption to issuers of green, social, sustainable and sustainability-linked (GSSS) bonds to get such instruments to market more quickly and cheaper than a full retail investment offer.

BusinessNZ says FMA should shelve its fair outcomes guidelines

15 March 2024 - Business organisations and lawyers are panning the Financial Markets Authority's plan to focus its regulatory efforts on fair outcomes for consumers, with BusinessNZ calling for guidelines to be shelved altogether.

Former mortgage adviser sentenced for fraud

14 March 2024 - Judge convicts and hands down sentence to former mortgage adviser over fraud charges.

The FMA turning up doesn't mean it wants to shut down an adviser

13 March 2024 - The Financial Markets Authority wants to work collaboratively with financial advisers and they shouldn't assume the regulator is out to get them when it's performing its industry monitoring functions, Michael Hewes, the FMA's director of deposit taking, insurance and advice, told the Financial Advice NZ conference earlier this month.

Those with licences unlikely to have to undergo another licencing process: FMA

8 March 2024 - If the new government does bring in a single licencing system for the financial advice sector, it's unlikely to mean that those already holding licences will have to undergo another licencing process, Financial Markets Authority chief executive Samantha Barrass told Financial Advice New Zealand's Thrive conference in Wellington.

Commerce minister plans extensive financial services laws overhaul

5 March 2024 - The new government is reviewing a number of pieces of financial markets legislation to ensure it is effective and doesn't impose too great a burden on financial advisers, commerce minister Andrew Bayly told the Thrive Financial Advice New Zealand conference in Wellington.

Fake adviser gets mixed sentence

8 February 2024 - A former financial adviser who admitted providing financial services when he was not registered, has been sentenced to community detention with a curfew, community work and intensive supervision.

Bigger remit sees FMA numbers swell

5 January 2024 - An expanded remit has seen the Financial Markets Authority increase staff numbers 19% in the last two years.

Former mortgage adviser pleads guilty to further dishonesty offences

15 December 2023 - Hawke’s Bay-based mortgage broker, awaits sentencing after pleading guilty to a further criminal charges.

Christchurch FAP cops criticism from the FMA

14 December 2023 - The Financial Markets Authority (FMA) has reprimanded Go Financial Solutions for failing to meet the obligations of its financial advice provider (FAP) licence.

BIG to govt: the FMA should redirect focus to high-risk areas

13 December 2023 - Boutique investment managers want FMA compliance expectations scaled back so that they can focus more on what matters.

Permanent stop order made against financial adviser

11 December 2023 - A permanent stop order against David Elgar McEwen and entities associated with him has been made by the FMA

Shuttered FAP owes around $8 million

8 December 2023 - The liquidator of deregistered insurance advice firm Foundation Advice Ltd, estimates it owes around $8 million.

[The Wrap] The danger in FMA focusing on “fair outcomes”

22 November 2023 - When Don Brash became the first central bank governor in the world to target a specific inflation outcome, then zero to 2%, he stumped the country with his message about how bad inflation was, often calling it “the thief in your pocket.”

Concerns over FMA's new approach to regulating

17 November 2023 - The Financial Markets Authority's strong push to move away from compliance to address perceived harm missed by the current regulatory regime raises serious questions for the financial services sector, according to law firm DLA Piper.

FMA puts temporary ban on David McEwan and associates

10 November 2023 - The Financial Markets Authority has imposed a temporary order forbidding David McEwan and all entities associated with him from offering any financial products, communicating with anyone about those offers or accepting any new deposits or investments.

Former mortgage adviser pleads guilty to dishonesty offences

2 November 2023 - A former, Napier-based mortgage adviser has pleaded guilty to dishonesty offences and is due to appear in court on other charges.

FMA reviews players in Kloogh Ponzi scheme

6 October 2023 - Lessons learned from the Barry Kloogh Ponzi scheme.

FMA releases final record keeping guidance for climate reporting

4 October 2023 - The Financial Markets Authority (FMA) has put out its final guidance for climate reporting entities (CREs) on meeting their record keeping obligations.

KiwiSaver fee revenue drops for the first time since 2007

20 September 2023 - Fee revenue from KiwiSaver dropped 8.1% in the year to 31 March 2023 says the latest Financial Markets Authority’s KiwiSaver annual report.

Where the FMA is headed

30 August 2023 - Over the next year the Financial Markets Authority has four strategic priorities aimed at embedding the new CoFI, financial advice, financial market infrastructure and CRD regimes.

The role of FAPs in building consumer confidence

25 August 2023 - With New Zealand’s financial literacy so low, how can financial advisers encourage Kiwis to take steps to improve their wealth management?

Matching rhetoric to reality in values-based investment

15 August 2023 - Harm is what the Financial Markets Authority tries to prevent, but what about harm to investors who discover they have been investing counter to their values?

FMA on climate scenario analysis, sector reports

19 July 2023 - The Financial Markets Authority has released its scenario analysis information sheet* to help climate reporting entities (CREs) meet their obligations under the Climate-Related Disclosures (CRD) regime.

FMA to give confidentiality order recipients more support info

10 July 2023 - Concerns about possible mental harm to individuals on the receiving end of confidentiality orders under the Financial Markets Authority Act, have prompted a meeting between the Boutique Investment Group and the financial regulator.

FMA outlines how it will monitor climate reporting in draft guidance on record keeping

24 June 2023 - In a draft guidance on climate related disclosure (CRD) record keeping, the Financial Markets Authority, says it will take an ‘educative and constructive approach’ to monitoring.

FMA says monitoring isn't an audit or investigation

19 June 2023 - The Financial Markets Authority may select a financial advice provider (FAP) or person licenced to provide financial advice to provide responses as part of its role in monitoring the industry, the FMA's Crystal Burbery told LFG Group's conference in Christchurch last week.

Other lawyers note uptick in FMA information orders

5 June 2023 - While the Financial Markets Authority denies it has significantly increased use of its powers to demand both information and confidentiality as lawfirm DLA Piper has alleged, other lawyers are backing up its claims.

FMA denies step-up in information, confidentiality orders

2 June 2023 - FMA calls out law firm over its use of section 25 notices.

FMA pings another insurer for overcharging

1 June 2023 - Court proceedings have been filed against Medical Assurance Society over fair dealing provision breaches.

FMA files criminal charges over alleged fake FAP licence

23 May 2023 - The Financial Markets Authority has charged Auckland man Yuen Pok (Paul) Loo with fraud, operating illegally as a financial adviser and ignoring a previous FMA stop order.

ASIC touts greenwashing tally, FMA responds

23 May 2023 - Australia’s financial markets watchdog has taken action on greenwashing 35 times in the past nine months.

Reports of sales targets prompt FMA letter to banks

3 May 2023 - The Financial Markets Authority has written to banks about staff incentives after hearing that some banks have reintroduced sales targets.

FMA warning to Vanguard Australia

29 March 2023 - The Financial Markets Authority (FMA) has given Vanguard Australia a warning for being late to notify the Companies Office of greenwashing measures taken against it last year by the Australian Securities and Investment Commission (ASIC).

Final numbers out

23 March 2023 - The Financial Markets Authority (FMA) says the transition to full licensing for financial advisers is a success with more than 2,500 financial advice providers licensed or operating as an authorised body by the deadline.

FMA warning not relevant to public – Du Val Group

21 March 2023 - Du Val Capital Partners (DVCP) says it is disappointed the FMA has issued a recent public warning against it for misleading investors over the suspension of cash distributions from its flagship mortgage fund.

Your regulator of financial advice

17 March 2023 - The Financial Markets Authority has "substantially completed senior appointments" as part of its organisation redesign.

[The Wrap] Welcome to the new world

16 March 2023 - After four years we have finally arrived in the new world of licensed financial advisers. Welcome.

FMA keeping an eye on transitional licence holders

16 March 2023 - The "safe harbour" for advisers has ended and the FMA is keeping an eye of transitional licence holders who have not gained a full licence.

Crypto exchange executive joins the FMA

13 March 2023 - The Financial Markets Authority has hired London-based Daniel Trinder as its new role of executive director of strategy and design.

Warning to Du Val over misleading investors

10 March 2023 - Property development company Du Val Capital Partners suspension of cash distributions to investors in the company’s mortgage fund has drawn a formal warning from the FMA for misleading conduct.

FMA finalises document for regulatory returns

16 February 2023 - The Financial Markets Authority (FMA) has finalised the document it will use for advisers to complete their annual regulatory returns.

Recommending products without expert research - new Code guidance

10 February 2023 - The question of whether financial advisers can recommend new products or advise on equities when there is no available research, is addressed by a new guidance from the Financial Markets Authority (FMA).

Here's what you can expect from the FMA this year

27 January 2023 - Outcomes. That is what it is all about for financial services, says the Financial Markets Authority.

FMA stakeholders often critical – survey

24 January 2023 - The Financial Markets Authority (FMA) has indicated it still has some way to go to win overwhelming support from the sector it oversees.

FMA releases risk analysis for managed investment funds sector

23 January 2023 - An analysis by the Financial Markets Authority of key risks for managed investment schemes has found robust controls across the sector, pockets of concern and emerging concerns around cybercrime and climate-related disclosure obligations.

FMA appoints its first chief economist

18 January 2023 - The Financial Markets Authority has appointed an economist and behavioural science expert within the financial services industry to the new role of chief economist.

Adviser licensing programme makes further progress

12 January 2023 - Progress towards full licensing under the FAP regime has been inching forward steadily as the deadline looms.

FMA files court proceedings against Tiger Brokers

21 December 2022 - The Financial Markets Authority (FMA) has filed civil High Court proceedings against Tiger Brokers for allegedly breaching the Anti-Money Laundering and Countering Financing of Terrorism Act.

FMA files market manipulation case

14 December 2022 - The Financial Markets Authority (FMA) has filed High Court civil proceedings against Auckland-based retail investor Kok Ding Cheng for alleged market manipulation of NZX-listed shares of Rua Bioscience Limited (RUA).

New guidelines for being prepared for advisers under CoFI

2 December 2022 - FMA CoFI guidelines suggest large financial institutions will be required to keep an eye on advisers who do work for them under contract.

Financial advisers to be referred to disciplinary body

25 November 2022 - Four financial advisers are to be referred to their oversight body, the Financial Advisers Disciplinary Committee (FADC).

Seven property investment firms officially warned for overstepping boundaries

20 October 2022 - Wholesale property investment companies have been warned by the FMA over their marketing and whether wholesale investors are genuine.

Latest licensing numbers show advice industry shrinking

4 October 2022 - A clearer idea is emerging of the post FAP adviser industry, with the workforce potentially shrinking by 14% or more.

AIA fined $700,000 for misleading customers

30 September 2022 - AIA, New Zealand’s largest life insurer, has been fined $700,000 for making false and misleading representations to 383 customers and overcharging them a total of $413,465.

FMA changes management structure

19 September 2022 - Managerial changes for executive staff have been unveiled at the Financial Markets Authority (FMA).

FMA makes permanent stop order against adviser

2 September 2022 - FMA makes permanent stop order to Wisdom House Investment Partners Limited and Yuen Pok Loo and starts criminal investigation.

Wholesale investments in the regulator's sights

26 August 2022 - FMA unveils work stream for coming year.

Dodgy financial adviser in more trouble with FMA

16 August 2022 - The Financial Markets Authority (FMA) has made an interim stop order on a financial adviser who had his transitional FAP licence cancelled last year.

FMA ratchets up its campaign for better ESG disclosure from fund managers

16 August 2022 - The FMA won’t be giving much leeway to fund managers who are promoting and selling ESG products but dragging their feet in bringing their disclosure documents up to scratch.

FMA fights hard to avoid unconscious bias: Hewes

15 August 2022 - The Financial Markets Authority (FMA) has revealed that it makes a point of using people from varying backgrounds when it undertakes monitoring inspections of advisers' offices.

New push to get advisers fully licensed

8 August 2022 - A new attempt to encourage advisers to apply for full licensing starts next week.

What advisers can take from the FMA’s first big consumer survey

5 August 2022 - Nearly 40% of New Zealanders say they cannot afford financial advice. Only 18% use a financial adviser and 42% say they are not considering taking up any new financial products or services in the next 12 months.

What consumers think of financial advisers

4 August 2022 - How consumers interact with the financial services sector: the FMA reveals all in a mammoth report

FMA set to release major consumer research ahead of COFI conduct regime

1 August 2022 - The FMA plans to release a big piece of work this week on consumer behaviour and how investors interact with the markets, as part of its drive to put customers front and centre of the financial services sector.

FMA calls out industry over ethical claims

28 July 2022 - Investors hunt for ethical funds but are blinded by jargon and take investment advice from friends, FMA survey finds

How the FMA says it’s helping advisers to comply with the licensing regime

27 July 2022 - With only eight months left for financial advisers to complete full licensing, the FMA took the opportunity at a conference in Auckland on Monday to reveal how slow the sector has been in complying with FSLAA (the Financial Services Legislation Amendment Act).

FAP programme inches forward

25 July 2022 - The FAP licensing programme is inching forward but is still making slow progress.

FMA ups the ante on value-for-money project, won’t back down on original guidance

22 July 2022 - The FMA is doubling down on its efforts to get buy-in from fund managers to its value for money report, aimed at ensuring fees and commissions are reasonable and fully disclosed to all members of managed investment schemes (MIS).

Locums strongly recommended for advisers

19 July 2022 - Advisers have been given strong advice to have a locum at the ready when running their mortgage business.

New Head of Enforcement at FMA

8 July 2022 - The Financial Markets Authority (FMA) has appointed a new Head of Enforcement. 

More homework from the FMA for those offering investment advice

7 July 2022 - Investment advisers – about 600 in total – are being asked for comment on an FMA consultation paper proposing guidelines on the standard and reasonableness of the advice they give on IPOs and listed equities.

FMA sets its sights on cyber security: a new to-do list for embattled financial services providers

27 June 2022 - The financial services sector recorded the highest number of cyberattacks of any industry group in the first quarter of this year, according to a report by CERT NZ, a government-owned cybersecurity business.

FMA offers assistance over FAP “areas of concern”

27 May 2022 - The Financial Markets Authority (FMA) says it wants to help advisers overcome a pattern of inadequate record keeping in the past.

Government needs to better fund FMA: Industry

25 May 2022 - The financial services sector fears the Government is pulling back on its funding of the Financial Markets Authority (FMA) at the same time as it is loading it with greater responsibilities.

Fund managers seek clarity on FMA’s expectations on fees and commissions

24 May 2022 - Fund managers are beginning to stick their heads over the parapet in the wake of the release last week of the FMA’s Valuer for Money report into KiwiSaver and managed fund fees.

Fund managers silent on FMA’s hard-hitting fees and commissions report

20 May 2022 - Fund managers were yesterday ducking for cover when asked for on-the-record comment on a scathing FMA report, released on Wednesday, about fees and commissions charged to investors in KiwiSaver and other managed fund schemes.

FMA ramps up opposition to trail commissions

18 May 2022 - The Financial Markets Authority dishes out bouquets and brickbats to funds managers in a new report - but mainly brickbats.

Should we have simpler products?

2 May 2022 - Part of the discussion with consumer groups, FMA, Providers, Government; Are our products too complex?

Running a customer-centric business: how the FMA wants to see it done

27 April 2022 - In response to questions from advisers and insurers, the FMA has spelt out what it means to put customers front and centre of their businesses – a key requirement for compliance with the industry’s new conduct regime.

FMA to host forums on COFI implementation

6 April 2022 - The Financial Markets Authority (FMA) will next month begin consulting with insurers and financial advisers in a series of forums to find what the regulator calls “an industry-led solution” to the way the Financial Markets (Conduct of Institutions) Bill is implemented.

How to deal with the regulator in times of tougher enforcement

28 March 2022 - Lawyers specialising in financial services are warning of a “more muscular” approach being taken by the FMA when it comes to enforcement.

Kiwis need better financial advice, says new FMA boss

22 March 2022 - There is a “big gap” between the level of financial advice New Zealanders need and what they are getting, says the FMA’s new CEO, Samantha Barrass.

FMA appoints new board members

28 February 2022 - Three new members have been appointed to the Financial Markets Authority Board, along with the reappointment of a current board member.

First words from new FMA CEO

20 February 2022 - The Financial Markets Authority new chief executive, Samantha Barrass, makes her first public comments.

Inside the FMA

3 February 2022 - Good Returns takes a look inside the Financial Markets Authority to find out who makes up its staff.

Commission creep concerns FMA

1 February 2022 - The Financial Markets Authority is warning product providers that it does not like what it is seeing with commissions.

Smartshares first to get investment passport

27 January 2022 - NZX Smartshares first in the world to get a "passport" which lets investors in Asia to invest in its funds.

Thousands yet to apply for full FAP licences

20 December 2021 - More than 200 full financial advice provider (FAP) licences have now been approved by the Financial Markets Authority (FMA) with around 80% of advisers yet to apply.

FMA clarifies Wisdom House FAP cancellation decision

17 December 2021 - The Financial Markets Authority (FMA) has added some details around its decision to cancel the transitional financial advice provider (FAP) licence of Wisdom House Investment Partners.

Adviser loses transitional licence

13 December 2021 - The Financial Markets Authority (FMA) has cancelled a transitional advice licence for the first time.

Advisers' AML risks assessed

7 December 2021 - Advisers remain low risk when it comes to a AML, but a new player is considered high risk.

Buy/sell spreads will cost KiwiSaver members

7 December 2021 - Four of the six KiwiSaver default providers are passing on buy or sell spread costs, or both, to their members to reflect the cost of buying and selling underlying investments.

More changes at the top for the FMA

25 November 2021 - The Financial Markets Authority (FMA) has accepted the resignation of its director of capital markets who has taken up the top role at the New Zealand Financial Markets Association.

CoFI adds more challenges to financial services

25 November 2021 - Financial advice firms, insurers, banks and related institutions should prepare now for the impending implementation of CoFI legislation or risk being bogged down by further regulations.

FMA releases FAP self-assessment tools

24 November 2021 - The Financial Markets Authority has released three new self-assessment tools to help financial advice providers (FAPs) prepare for full licensing.

Climate change disclosures - the FMA's regulatory response

17 November 2021 - The Financial Markets Authority (FMA) has published its implementation approach for the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill).

Regulation roadblock for retail investment

15 November 2021 - Most investors want basic, pragmatic support when it comes to their investments but regulation can be a roadblock, says Smartshares' Hugh Stevens.

[GRTV] Rob Everett on value for money, the great KiwiSaver land grab and fees

7 November 2021 - What's value for money with KiwiSaver? Former Financial Markets Authority chief executive Rob Everett provides answers in this Good Returns TV interview.  [Including Podcast]

Everett fires back at Drylie

5 November 2021 - The former head of the Financial Markets Authority (FMA) says he has little sympathy for complaints that banks are being strangled in red tape.

Self-reporting viewed as best practice by the FMA

5 November 2021 - Self-reporting problems to the Financial Markets Authority does not provide immunity from prosecution but will be relevant to the FMA’s enforcement response.

More advisers needed

3 November 2021 - The financial services industry is in the midst of a skills shortage with businesses crying out for new faces to fill their ranks.

[The Wrap] Reflections of Rob Everett's reign

30 October 2021 - Financial Markets Authority chief executive Rob Everett walked out the door on Friday after seven years at the helm of the regulator. How did he do?

[GRTV] The difficulties of regulating financial advisers

30 October 2021 - Former Financial Markets Authority chief executive Rob Everett talks about the difficulties of regulating financial advice.

[GRTV] The difficulties of regulating financial advisers

29 October 2021 - Former Financial Markets Authority chief executive Rob Everett talks about the difficulties of regulating financial advice.

FSC backs target dates for FAP licencing

27 October 2021 - The Financial Services Council (FSC) has welcomed the Financial Markets Authority's (FMA) target dates for financial advice provider (FAP) full licence applications.

Climate change disclosure rules pass final hurdle

22 October 2021 - All but one of New Zealand's political parties have voted to pass the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill meaning around 200 large banks, insurers, KiwiSaver schemes and fund managers will now have to produce annual climate statements.

The long, hard road to good conduct

22 October 2021 - He came to the FMA full of hope for New Zealand's financial sector and says he'll leave the same way, but in between, it's been a hard slog trying to convince the industry that putting its customers first benefits everyone in the long run.

FMA sets cut off date for FAP licencing

21 October 2021 - Advisers and financial advice companies looking to transition to a full licence have been given firm cut off dates by the Financial Markets Authority.

100th full FAP licence issued

20 October 2021 - The Financial Markets Authority has issued its 100th full Financial Advice Provider licence. 

FMA keeps watch on advertising rulebreakers

14 October 2021 - If it looks too good to be true, it probably is and the FMA wants to make sure you do the right thing by your customers and clients releasing a new guide for the advertising of financial products.

Rob Everett's new role revealed

8 October 2021 - The soon-to-be former head of the Financial Markets Authority has accepted an offer to take over the chief executive's role at the state-owned venture fund New Zealand Capital Growth Partners.

Du Val Group advertising 'likely to mislead or deceive investors'

7 October 2021 - The FMA has directed property development and investment company Du Val to remove advertising materials it says are likely to mislead or deceive investors.

[The Wrap] Solving the KiwiSaver value for money equation

2 October 2021 - Sometimes when the regulator speaks it feels like a parent telling their children to tidy their room for the umpteenth time.

KiwiSaver fees - Sam says the big players are ripping you off

1 October 2021 - Sam Stubbs says the biggest KiwiSaver managers are ripping Kiwis off after the FMA revealed just how much was made in fees by KiwiSaver scheme providers over the past year.

Chang steps into acting general counsel role

30 September 2021 - The Financial Markets Authority has appointed its current head of enforcement to the role of acting general counsel until its new chief executive joins next year.

'Hole in one' cover and the design of insurance products

30 September 2021 - Apparently 'hole in one' insurance is a thing. I didn’t realise until I helped sponsor an event a little while back where the organisers were offering $1 million if you hit a hole in one.

FMA steps up enforcement of AML breaches

30 September 2021 - Warnings delivered by the FMA for non-compliance with New Zealand’s anti-money laundering and countering the financing of terrorism rules have almost doubled in the three years to June 30.

FMA extends regulatory relief - focus on good conduct

29 September 2021 - While the covid crisis and regulatory change have hit many financial service providers hard it's also impacting the country's regulators - none more so than the Financial Markets Authority.

KiwiSaver funds soar, non-contributors still a worry

28 September 2021 - More than 1.2 million KiwiSaver members did not invest in the scheme in the year to March 31, showing that while KiwiSaver has hit new heights in funds under management, there are big opportunities for providers and advisers.

Traffic builds on the road to full licensing

21 September 2021 - Adviser traffic on the road to full licencing has built up to a steady flow as individuals and companies look to the future with the Financial Markets Authority so far approving 80 applications.

What we know about the new FMA CEO

20 September 2021 - The Financial Markets Authority says it is happy with the process used to employ its new chief executive after reports of a past employment dispute, a claim of libel and a conflict of interest made against her.

FMA licensing workshops popular with Fidelity Life advisers

17 September 2021 - A series of online licensing support workshops jointly hosted by Fidelity Life and the Financial Markets Authority have attracted almost 200 adviser registrations.

Scam complaints rise sharply

16 September 2021 - The Financial Markets Authority (FMA) is warning New Zealanders to be on the lookout for three unique types of scams that have been on the rise since the start of the Covid-19 pandemic.

Cryptocurrencies: MPs hear the good, bad and ugly

14 September 2021 - Cryptocurrency advocates say embracing the new digital technology is a once in a generation opportunity while New Zealand's major financial regulators have adopted a more cautious approach to the controversial currency.

CLSAP NZ fined for AML breaches

13 September 2021 - CLSA Premium New Zealand Limited (CLSAP NZ) has been ordered to pay a penalty of $770,000 for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act.

New CEO for the FMA

13 September 2021 - The Financial Markets Authority has announced the appointment of an experienced international regulator to take over from Rob Everett who leaves at the end of October.

Trusted Adviser status defended after FoxPlan censure

7 September 2021 - Questions have been raised about the Financial Advice NZ Trusted Adviser status of three owners of FoxPlan after the company was censured by the FMA.

Sharesies fronts up after AML Act breaches

2 September 2021 - Online share trading platform Sharesies says it has tightened its client identification processes and says no customer funds were ever at risk after a formal warning by the FMA.

[The Wrap] Who's tougher? FMA or ASIC

29 August 2021 - Regulators on both sides of the Tasman dealt with similar cases recently but produced vastly different outcomes.

AML deadlines extended

26 August 2021 - The AML/CFT supervisors have agreed to extend the deadline for submitting AML/CFT annual reports back a month.

Sharesies snapped for AML breaches

23 August 2021 - Popular online share trading platform Sharesies has been warned to lift its game for failing to have sufficient anti-money laundering procedures, policies, and controls in place.

Financial services lockdown update - FMA hopes to add to list

19 August 2021 - Financial services are currently not included as ‘Alert level 4 businesses or services’ in the Public Health Response (Alert Level Requirements) Order (No 9) 2021.

Online investing platforms - breaking barriers, transforming attitudes

5 August 2021 - Once the domain of the wealthy, the often mysterious world of share trading is seeing new investors using online investment platforms reshaping market dynamics and challenging the status quo.

AIA admits to fair dealing breaches - could face $700k fine

29 July 2021 - Life insurer AIA has admitted to making false and/or misleading representations to customers and could face a fine of up to $700,000 after court proceedings were brought against the company by the Financial Markets Authority (FMA).

FMA releases cyber-safety fact sheet

29 July 2021 - The Financial Markets Authority (FMA) has published an information sheet containing principles and resources to help licensed financial advice providers develop their cyber resilience.

FMA pings adviser for unauthorised advice

28 July 2021 - Financial services firm FoxPlan has been publically censured by the FMA after five of its representatives were found to be offering services they were not permitted to give.

FMA issues scam warning

27 July 2021 - The Financial Markets Authority (FMA) has warned investors to be wary of scammers impersonating New Zealand-based derivatives issuer Rockfort Markets Limited.

Consultation opens for rollout of Financial Market Infrastructure Act

27 July 2021 - Groups with an interest in financial market transactions and payments are being asked for their views on how a new law governing the ‘plumbing’ of the financial system should be implemented.

FMA report slams insurers

22 July 2021 - The FMA has fired serious warning shots at the general insurance industry saying it is not prepared for new legislation requiring them to ensure good conduct and fair treatment of customers.

Council of Financial Regulators website goes live

21 July 2021 - The Council of Financial Regulators (CoFR) – Kaunihera Kaiwhakarite Ahumoni – has created a new website.

FMA focus - Money laundering, cybercrime, disclosure and more

20 July 2021 - The Financial Markets Authority (FMA) has its work cut out for it over the next 12 months dealing with a range of issues from insider trading, false advertising and the CoFI Bill to cybercrime, KiwiSaver and compliance.

FMA publishes annual corporate plan

19 July 2021 - The Financial Markets Authority (FMA) has today published its Annual Corporate Plan, which sets out the FMA’s activities for 2020/21 that will promote the regulator’s strategic priorities, address regulatory risks and harms, and deliver sector outcomes.

Woman loses over $100k in Forex scam

15 July 2021 - A Kiwi woman has lost more than $100,000 after being conned in a complicated investment scam involving supposed Forex currency trading.

Equitise fined for financial statement fail

14 July 2021 - The Financial Markets Authority (FMA) has issued an infringement notice to equity crowdfunding service provider Equitise Pty Ltd for failing to file financial statements by their due date.

Ending a 40-year career - the true cost of a FADC decision

13 July 2021 - The long-serving financial adviser recently censured by the Financial Advisers Disciplinary Tribunal says she wants to tell her story after the process left her frustrated, disappointed and ultimately forced her out of the profession.

FMA passes 10-year milestone

9 July 2021 - When investors in New Zealand and around the world were left reeling from the effects of the global financial crisis in 2008 urgent calls were made to protect people from future financial fallout.

For the first time FMA strips a manager

7 July 2021 - In a first for the regulator the Financial Markets Authority has cancelled a fund manager's licence.

Investor confidence up - but beware the bursting bubble

7 July 2021 - Investor confidence is on the up but the head of the FMA is sounding a word of warning to people investing in shares to seek advice as their portfolios grow.

FMA review of NZX shows room for improvement

30 June 2021 - The FMA is keeping a watchful eye on the NZX after its latest annual obligations review found the company had failed to meet all of its obligations due to "insufficient technological resources".

'Finfluencers' now on regulator's radar

29 June 2021 - Social media stars and online "influencers" could be giving unqualified and dangerous financial advice to their many followers, prompting the Financial Markets Authority to publish new guidelines for "finfluencers".

Covid-related KiwiSaver switches less likely with an adviser

17 June 2021 - Young people dominated the high level of KiwiSaver fund switching during the height of Covid-19 market volatility last year but were less likely to switch if they were with a non-bank provider, KiwiSaver provider data shows.

Looking forward to full licensing - but don't wait too long

9 June 2021 - Don't leave it up to your FAP, if you haven't been linked make sure they know because there are only five working days left before deregistration begins.

Almost half of NZ's advisers face deregistration

1 June 2021 - The situation is urgent for the 50% of advisers who have not yet been linked to a FAP, and they only have 14 days to make it right.

KiwiSaver: Young Kiwis in the wrong fund

25 May 2021 - The FMA are calling on young Kiwis to check they are in the right KiwiSaver fund following the large-scale switching during Covid-19 market fluctuations.

FMA appoints general counsel

20 May 2021 - The Financial Markets Authority – Te Mana Tātai Hokohoko has announced the appointment of a new general counsel and acting director of regulation.

KiwiSaver shake up not just about fees

14 May 2021 - Head of sales and marketing at Mint Asset Management, David Boyle, says once the new default providers conclude their celebrations, it will be time to get to work.

Gold fraudster loses sentence appeal

11 May 2021 - The New Zealand Supreme Court has turned down an appeal made by gold fraudster Steven Robertson of Prosper Through Trading (PTT) to reduce his non-parole...

Firm pinged for AML breaches

7 May 2021 - CLSA Premium (formerly KVB Kunlun) has admitted to breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act, following proceedings...

Reforms to financial market infrastructures (FMIs)

6 May 2021 - New laws reforming institutional investment payment and settlement systems have been established by Parliament with the passing of the Financial Market...

Industry ‘report card’ far from straight As says FMA

29 April 2021 - The FMA says just four new licences have been approved and two declined with one application dismissed due to a shoddy cut-and-paste job.

FMA warning – Don't overstate your 2020 returns

22 April 2021 - The FMA has released a warning to fund managers to not overstate the importance of their 2020 returns due to large fluctuations in the market last year.

Advisers’ role in the National Strategy for Financial Capability

19 April 2021 - Minister Clark has presented the National Strategy for Financial Capability to Parliament, Good Returns asks where do advisers fit into the overall plan?

Advisers’ part to play: FMA KiwiSaver fee guidance

14 April 2021 - The FMA has released its long-awaited guidance on managed fund fees. Director of investment management Paul Gregory says advisers have their part to play.

FMA breaks down the data

13 April 2021 - One month on from March 15, the FMA has shared a breakdown of the state of financial advice in New Zealand, and by the numbers the industry is looking strong.

[The Wrap] FSLAA isn't the only big change advisers need to be aware of

2 April 2021 - The world of financial advice changed significantly last month, and maybe more than many people realised.

James Greig to lead FMA monitoring of new regime

19 March 2021 - The FMA have shifted gear into monitoring mode, and have announced James Greig as director of market supervision.

FMA chief executive resigns

17 March 2021 - In a surprise move FMA chief executive Rob Everett has resigned one day after the new financial adviser regulations kicked in.

Unlicensed advisers need a contingency plan: FMA

9 March 2021 - One week out from regulation change the FMA is asking for unlicensed advisers to have a contingency plan, especially with the FSPR not operating at full capacity.

FMA warns adviser for KiwiSaver advice

5 March 2021 - The FMA has issued a warning to a financial adviser over KiwiSaver advice he gave a client during Covid market volatility.

Alternative capital pathways on the up: FMA reports

5 March 2021 - NZ’s peer-to-peer lending and equity crowdfunding sectors experienced steady growth in the last year, according to data from the Financial Markets Authority.

‘Director for hire’ sentenced for FSPR abuse

3 March 2021 - Michael Reps has been found guilty of fraudulent claims relating to the Financial Service Providers Register and sentenced to community detention and 90 hours' community work.

Concern adviser outreach may be shackled by FMA ad guidance

26 February 2021 - Financial advice New Zealand CEO Katrina Shanks says that the FMA’s proposed ad guidance could constrain advisers' ability to connect with the public.

Scams under-reported by Chinese New Zealanders: FMA

22 February 2021 - The FMA are urging Chinese New Zealanders to beware of investment scams, but an Asian adviser says the regulator needs to do more.

Responsible talk not enough in 2021

16 February 2021 - What the Financial Markets Authority do if fund managers are caught greenwashing.

Botica busts industry myths

12 February 2021 - At the FSC: Get In Shape conference, the FMA’s director of market engagement John Botica focused on busting long standing industry myths when addressing advisers.

From FMA to Generate

11 February 2021 - Nick Kynoch moves on from his role with the regulator to bolster Generate KiwiSaver Scheme's compliance team.

FMA defends KiwiSaver fee guidance

5 February 2021 - The Financial Markets Authority says its guidance on KiwiSaver fees “was never intended to prohibit or proscribe fee level”.

Rob Everett: The year ahead

4 February 2021 - FMA chief executive Rob Everett highlighted market volatility, regulation perimeters and legislative reform as key issues to take forward into 2021.

FMA releases damning review on NZX technology issues

28 January 2021 - This morning the FMA have released a report which says that the NZX woefully failed in meeting its obligations to consumers, in the 2020 DDoS attack.

FADC finds against AFA in Code of Conduct case

20 January 2021 - [UPDATED] A highly experienced financial adviser has been found to have breached two code standards by the Financial Advisers Disciplinary Committee.

Exemption given for Australian advisers allowed to work in NZ

20 January 2021 - Australian financial advisers have been given an exemption to operate in New Zealand.

FMA seeks consultation on investor exclusion exemption notice

20 January 2021 - The FMA are seeking industry feedback on the Financial Markets Conduct (Wholesale Investor Exclusion) Exemption Notice 2017, which will expire on February 4, 2022.

Getting to Know: Rob Everett

31 December 2020 - Rob Everett has been chief executive of the FMA since February 2014. Originally from the United Kingdom, he was previously a director in London with Promontory Financial Group, a regulatory consultancy. Before that, he spent 17 years at Bank of America Merrill Lynch in Europe, Asia and North America. He has an MA in law from St Catharine’s College, University of Cambridge, and is married to a New Zealander.

FMA’s latest licence numbers show advisers are poised for change

23 December 2020 - The latest figures from the FMA’s transitional licence progress show that a huge majority of the industry are ready for March 15.

No appetite for PI any longer: compliance expert

16 December 2020 - After NZI’s announcement regarding PI, compliance expert Steven Burgess says that PI is on its way out the door for smaller businesses, but that might not be the end of the world.

FMA sets expectations for issuers of ‘green’ and ‘responsible’ funds

15 December 2020 - The “Disclosure framework for integrated financial products” guidance shows the FMA is ready to take into account a wider scope of investor outcomes than just financial returns.

[The Wrap] Industry blindsided by PI decision

12 December 2020 - Professional indemnity insurance has been a sleeper issue for years, but this week it woke up and shook its feathers.

FMA: Advisers without PI should 'take the bull by the horns'

10 December 2020 - NZI surprises FMA with removal of PI cover for small advisory firms but says it is not the end of the line for these advisers.

NZ investors targeted by scammers: Why advisers need to take note

24 November 2020 - A recent FMA report revealed that more NZ investors are becoming the target of scammers. Industry insiders say advisers would do well to be on their guard.

FMA seeks consultation on proposed guidance for advertising

19 November 2020 - The FMA have opened consultation to the industry on its proposed guidance regarding advertisements for financial products.

Perception of conflict of interest serious as the real thing

16 November 2020 - Advisers need to be aware not just of conflicts of interest, but also perceived conflicts.

Financial Advice NZ and FMA partner to launch full licensing application guide

12 November 2020 - The free event, happening November 17 both online and in-person, will be a chance for advisers to see the FMA’s full licence application guide.

[UPDATED] Full licensing rules finally released

6 November 2020 - The FMA has released the long-awaited standard conditions for the licensing of financial advice.

FMA appointments reflect serious move into fintech space

5 November 2020 - New FMA appointments to specialist roles in fintech and integrated financial systems reveal the regulatory agency is looking closely at tech.

FMA unveils tough guidelines on KiwiSaver fees, seeks consultation

3 November 2020 - The FMA has published a consultation paper setting out its proposed guidance on KiwiSaver fees. The paper is open for public consultation for six weeks.

Should Australian financial advisers be allowed into NZ?

26 October 2020 - The FMA are wanting to hear the industry’s thoughts on a proposal to recognise that Australian qualified advisers meet the standards of the new code of conduct.

It's time sharebrokers had uniform fee disclosure

21 October 2020 - NZ Funds chief executive Michael Lang says it is time sharebrokers faced a uniform fees disclosure regime like managed funds.

Full licence provisions to be released by mid-November

15 October 2020 - John Botica told attendees at the FSC Generations conference to expect to see full licensing provisions from the FMA by mid-November.

FMA KiwiSaver report: Contributions, fund-switching and fees

2 October 2020 - The just released FMA report has shown that contributions have aided growth under pressure, also comments on fund switching and provider fees.

FMA Supervision Insight Report: The good, the bad and the ugly

29 September 2020 - Industry reactions to the FMA’s recent report in light of incoming regulation changes.

FMA: No excuses for shoddy conduct

25 September 2020 - After 18 months supervision of the financial sector, the FMA is calling for improvements to governance and compliance.

Time is running out for 2000 unregistered advisers

22 September 2020 - The FMA warned that the clock is ticking for advisers who had not yet gained transitional license for the new financial advice regime.

FMA details Covid-19 response

17 September 2020 - A formal warning given to a financial adviser in May who recommended all clients urgently move their investments to low-risk funds was intended to send a message to the industry about the Financial Markets Authority’s expectations.

Bond specialist raises concerns over recent FMA guidelines

11 September 2020 - Hunter Investments managing director, Tony Hildyard says that the FMA guidelines fail to properly explain the risks associated with the sector.

FMA offers investors insight into bonds

7 September 2020 - More retail investors should consider how they use bonds as part of their portfolios, the Financial Markets Authority says.

FMA appoints director of investment management

27 August 2020 - The Financial Markets Authority has turned to a local funds management firm to find its director of investment management.

Licences near 1,000 milestone

27 August 2020 - Almost 1,000 licences for financial advice providers have been issued, but there may still be some advisers who do not fully understand the requirement ahead of them, it has been suggested.

Stubbs: Take KiwiSaver fees issue to court

26 August 2020 - The Financial Markets Authority should take court action to set a benchmark for what is an unreasonable KiwiSaver fee, Simplicity founder Sam Stubbs says. 

FMA not backing an investment style despite report

25 August 2020 - FMA director of regulation Liam Mason says the regulator won’t be drawn on whether an active or passive management style is better for KiwiSaver – but it’s clear that the issue of what fees are charged is a complex one.

FMA releases active versus passive report

24 August 2020 - The Financial Markets Authority (FMA) has published an independent report into the passive and active investment management styles used by KiwiSaver providers. [+ REPORT]

Money Week an opportunity to reach out, Financial Advice NZ says

24 August 2020 - Financial Advice New Zealand chief executive Katrina Shanks says it was positive to see the Financial Markets Authority’s support for the association during the recent Money Week, even though a planned joint event did not go ahead.

Start date for regime unlikely to change again

21 August 2020 - New lockdown restrictions are unlikely to push out the start of the new financial advice regime.

Free financial advice on offer

10 August 2020 - The FMA has partnered with Financial Advice NZ to make free and generic financial advice available in Hamilton, as New Zealanders take a greater interest in their finances and investments due to the impact of Covid-19.

Death of small advice firms exaggerated: FMA

7 August 2020 - Advisers who have registered for a financial advice provider service on the Financial Services Provider Register but who have not yet finished their application for a transitional licence are being reminded to keep moving.

Industry participants pick up more of FMA's tab

4 August 2020 - Industry participants will pay 83% of the cost of funding the Financial Markets Authority by 2022, documents released by the Ministry of Business, Innovation and Employment show.

FMA restarts regulatory activities

2 August 2020 - The Financial Markets Authority says regulatory activities will restart in a “phased approach” as New Zealand continues to respond to the disruption caused by Covid-19.

Keeping our eyes on the road ahead

28 July 2020 - Financial Markets Authority chief executive outlines the regulators plans for the coming months.

FMA upset at KiwiSaver report leak

28 July 2020 - The Financial Markets Authority is upset at a breach of confidentiality of its report on active and passive management by KiwiSaver providers – and says it may change the way it deals with the sector in future.

Advisers needed by potential clients, FMA research shows

23 July 2020 - There is untapped demand for financial advice among New Zealanders, but the challenge for the industry will be to capture a market that is different from those it already serves, a new Financial Markets Authority report shows.

FMA adds investment management capability

7 July 2020 - The Financial Markets Authority is adding to its executive team with a director of investment management.

Replacement case puts spotlight on 'churn'

6 July 2020 - New regulations coming into force in the insurance industry and financial advice sector may help avoid situations where people are left exposed by insurance replacement.

FMA statement of intent: Keep watch on incentives

30 June 2020 - New Zealand’s financial service providers can expect more scrutiny of their incentive structures over coming years, the Financial Markets Authority’s latest Statement of Intent shows.

Financial advice's 'golden opportunity'

24 June 2020 - A period of uncertainty is the perfect opportunity for financial advisers to show their value, the Financial Markets Authority’s chief executive says – particularly as many New Zealanders seem to be taking much more of an interest in their finances and investing.

Mixed response to full licensing details

23 June 2020 - The FMA's plans for full licensing under FSLAA have drawn a mixed response from mortgage advisers, with fears of rising compliance costs in the industry.

No annual returns this year

22 June 2020 - Advisers are getting a few years off submitting their annual returns – but that doesn’t mean all their regulatory obligations are on hold.

Advisers 'firebreaker' for clients, Botica says

20 June 2020 - Financial advisers are keen to engage with full licensing proposals – and have been able to prove their worth during the country’s response to Covid-19, the Financial Markets Authority says.

Licence classes welcomed, more clarity needed on some criteria: Shanks

17 June 2020 - Four of the proposed full licensing criteria for financial advisers deserve further attention, Financial Advice New Zealand says.

FMA finally shows what full licensing looks like

17 June 2020 - Adviser firms will be licensed under FSLAA according to the size and scope of their businesses, it has been revealed.

Time for financial advisers to step up on KiwiSaver

3 June 2020 - New Zealand’s KiwiSaver market has probably reached the critical mass required to create opportunities for financial advisers to assist, the Financial Markets Authority’s chief executive says.

FMA warns adviser over advice to go conservative

28 May 2020 - The Financial Markets Authority (FMA) has issued a formal warning to an AFA who made recommendations to clients that they urgently move their investments to low risk funds in the wake of Covid-19.

FMA: Providers working to help panicked switchers

27 May 2020 - The Financial Markets Authority says KiwiSaver providers have been making efforts to advise worried investors during recent market disruption.

FMA: Insurance, advisers have stepped up

20 May 2020 - New Zealand’s insurance industry has responded well to the outbreak of Covid-19 and the impact of that on its clients, the Financial Markets Authority’s director of banking and insurance, Clare Bolingford, says.

Applications show small advice firms still see future: FMA

19 May 2020 - Some advisers might have hit hard financial times due to the Covid-19 outbreak but large numbers are focusing on the future, the Financial Markets Authority (FMA) says.

Budget delivers for stricken advisers, FMA

14 May 2020 - This year’s Budget will provide a boost for struggling financial advisers, Financial Advice New Zealand says – and should shore up confidence in the sector with funding for the Financial Markets Authority.

Insurers hoping for loyalty out of Covid-19 offers

12 May 2020 - Insurers say helping advisers through the Covid-19 economic disruption was part of their motivation for offering client relief packages.

The active passive debate continues ...

1 May 2020 - With active management well ahead on points, says Mint Asset Management.

Here's how you can operate at level three

26 April 2020 - Advisers may have a little more freedom about the way they conduct business under alert level three.

Tighter scrutiny needed on AML, advisers told

22 April 2020 - Financial advisers needed to be particularly alert to the risk of money laundering at present, the founder of an anti-money laundering software company says.

FMA keeps close watch on Covid-19 misbehaviour

7 April 2020 - The Financial Markets Authority is warning that it is keeping a close eye on the financial services sector as the country grapples with the fallout from the Covid-19 disruption.

Adviser warned over misleading Covid-19 ads

7 April 2020 - A registered financial adviser is in the gun after posting misleading insurance information about Covid-19.

AML warnings issued

6 April 2020 - The Financial Markets Authority has issued a formal warning to NZX-accredited broker Tiger Brokers for not having adequate AML protection in place.

Covid withdrawals possible 'but not always desirable'

1 April 2020 - KiwiSaver members are being told they may be able to withdraw their money to help them through tough financial times caused by Covid-19 – but the decision should be made carefully.

AML flexibility offered

30 March 2020 - AML reporting entities will change the way they do business during the Covid-19 lockdown and will be allowed some flexibility, regulators say.

Financial services 'essential'

23 March 2020 - Financial services have been confirmed as among the “essential services” that will be allowed to continue to operate when New Zealand is at level four in its response to Covid-19.

FMA: Tell us what you need

20 March 2020 - The Financial Markets Authority says it is “closely monitoring” the impact of coronavirus on New Zealand’s financial market and is considering all its options to ensure that markets continue to function well.

300 FAP applications – FMA 'not worried'

5 March 2020 - The Financial Markets Authority says it’s comfortable with the rate of applications being lodged for transitional licences.

Active comes out on top in FMA debate

19 February 2020 - Active management was declared the winner on the night when the Financial Markets Authority debate pitted fund managers against each other to discuss what strategy delivered the best outcome for investors.

[The Wrap] Conduct wheels spinning

15 February 2020 - Commerce Minister Kris Faafoi promised no more big announcements this year, but there are still plenty of issues for financial advisers and the broader industry to tackle.

AML to get reviewed this year

7 February 2020 - The Financial Action Task Force will be testing the effectiveness of New Zealand’s compliance regime for anti-money laundering and countering the...

FMA to weed out green washing

7 February 2020 - Fund managers offering green or ESG funds will have to prove to regulators they are delivering what they say they are.

FMA needs more money

30 January 2020 - The Financial Markets Authority expects to collect $1.2 million in licensing fee revenue as it works through the process of granting FSLAA licences over the next year, a new document shows.

FMA commissions active report

23 January 2020 - The Financial Markets Authority has appointed researchers at MyFiguciary to study the application of active and passive investment management strategies.

Licence applications still slow to roll in

13 January 2020 - The next couple of months may bring a rush of transitional licence applications, it has been predicted.

Proptech the future for commercial investment

9 January 2020 - Commercial property start-up Jasper is the new kid on the block but some have asked how it differs from traditional property syndicates. Jasper’s founders explain the points of difference for us…

Advisers told to take action

5 January 2020 - Financial advisers are being told not to delay decisions about their licences.

Problems identified with custody arrangements

15 December 2019 - New Zealand fund managers may have issues with the consistency and independence of their custody arrangements, the Financial Markets Authority has found.

First FAP licences issued

1 December 2019 - The first transitional licences have been issued to financial advice providers under the new regime.

Commercial disrupter proves popular

28 November 2019 - New commercial property disrupter, Jasper, has hit the ground running with their first investment offering achieving full subscription in just 36 hours.

Details confirmed for transitional licensing

20 November 2019 - The Financial Markets Authority has confirmed the standard conditions it will require of those seeking a transitional financial advice provider (FAP) licence under the new regime.

FMA fesses up to website breach and apologises

8 November 2019 - The Financial Markets Authority is the latest government arm to experience a breach of its website; but it has acknowledged the error and apologised.

FMA reports on 'watershed' year

30 October 2019 - The Financial Markets Authority says it's had a significant year as the financial services sector moves to a new regulatory environment.

FMA gets litigation fund boost

29 October 2019 - The Government is increasing the Financial Markets Authority’s litigation budget by $4 million for 2019/20 to ensure the regulator has access to the resources required to bring legal proceedings when it needs to.

Licensing fee increase

25 October 2019 - Financial advisers will have to pay more than originally suggested to be licensed under the new regime, it has been revealed.

Advisers not dropping out, Financial Advice NZ says

17 October 2019 - Financial Advice NZ says most advisers plan to remain in the sector under the new licensing regime – and most will take their own licence.

FMA: Time to show what KiwiSaver members get for fees

10 October 2019 - KiwiSaver providers can expect pressure to show what value they're giving members, after an analysis prepared for the Financial Markets Authority showed they charge higher fees than comparable British funds.

Green light for property investment crowdfunding

9 October 2019 - The Financial Markets Authority (FMA) has approved a secondary market for The Property Crowd and that enables the residential property crowd funder to relaunch its trading platform.

What to do, what to do …

8 October 2019 - Although compliance with the Financial Advice Code should be a given there are some missing pieces from the puzzle of compliance under the new regime.

[The Wrap] Royal commission? No. But there's still questions to ask

4 October 2019 - Having just finished reading Adele Fergusson's book, Banking Bad, on the Australian royal commission I am left with these thoughts, observations and comments.

Insurers won't be responsible for advisers 'at this point in time'

2 October 2019 - A new conduct regime will include "future-proofing" in case financial advice providers do not conduct themselves properly.

FMA adds to leadership team

2 October 2019 - The Financial Markets Authority (FMA) has made two senior appointments, including filling the newly-created role of director of banking and insurance.

Low rates prompting shift: FMA

2 October 2019 - Low interest rates may be prompting people to switch from term deposits to investing with an adviser, research suggests.

FMA tackles green-washing

1 October 2019 - The Financial Markets Authority (FMA) wants providers to explain what makes their investment products "responsible".

Crackdown on conduct

25 September 2019 - New rules for incentives and commissions will be introduced in wide-ranging changes revealed for the insurance and banking sector today, and the Financial Markets Authority will be given the ability to tell banks and insurers how to behave.

[The Wrap] What's worse? Commissions on insurance or cashbacks for home loans

21 September 2019 - Commissions are the hot topic which we just can't get away from. This week we ponder the latest appointment to the FMA board along with some questions around what regulators really want.

Commission structure may need Govt intervention: FMA

18 September 2019 - An insurance industry reluctant to move on high upfront commissions may find the Government does it for it, the Financial Markets Authority says.

Insurer response 'not good enough'

17 September 2019 - Commerce Minister Kris Faafoi says insurers are "passing the buck" to advisers.

[The Wrap] The word on good customer outcomes from the top

13 September 2019 - A couple of weeks ago I wrote about how there is a lack of clarity around what a good customer outcome looks like. Since then many people have commented.

Scrub up or ship out

13 September 2019 - FMA chief executive Rob Everett says don't knock on my door to find out what good conduct is.

Advice rules created 'two-tier' market, working group says

10 September 2019 - More advice is needed to boost the fortunes of the New Zealand capital markets, a new report says.

Anti-commission advocate appointed to FMA board

6 September 2019 - Two new appointments have been made to the Financial Markets Authority board; One is opposes commission payments and the other a director who has polarised people.

[The Wrap] Let's not follow what's happening in Australia

6 September 2019 - This week’s Wrap is a sobering one and one with some lessons from Australia we don’t want to repeat.

Kloogh no longer a financial adviser

5 September 2019 - Financial adviser Barry Kloogh has had his authorisation cancelled by the Financial Markets Authority.

Kloogh companies liquidated

3 September 2019 - Financial Advice New Zealand says Barry Kloogh's membership will be suspended until further information about the investigation into his businesses comes to light.

[The Wrap] Introducing the new type of financial adviser (Not)

23 August 2019 - One of the things which impacts on the standing of financial advisers is the dodgy people who pretend to be be advisers but work outside of the regulated market.

KiwiSaver providers question loss-making assumptions

20 August 2019 - KiwiSaver providers are raising questions about a series of prescribed assumptions they will have to use to show clients' KiwiSaver balance projections – including that defensive funds will lose money in real terms each year.

FMA secures guilty verdict

19 August 2019 - Steven Robertson has been found guilty of dozens of charges relating to the misuse of client money.

[The Wrap] What the heck is a good customer outcome?

16 August 2019 - It's one of the buzz phrases at the moment, providing good customer outcomes to people who buy financial advice or products. But what the heck is it?

FMA ponders advice exemptions

15 August 2019 - If you want to rely on alternative qualifications under the new regime, they'll probably need to be assessed by an NZQA-approved qualification developer.

Regulators' group announces new vision

15 August 2019 - The Council of Financial Regulators (CoFR), which includes the Financial Markets Authority and Reserve Bank, has announced a new vision for New Zealand’s economic wellbeing and has added the Commerce Commission to the forum.

What’s more important for KiwiSaver members? Net returns or fees?

14 August 2019 - One of the big debates, particularly in KiwiSaver, is what should customers focus on? Net returns or fees. The regulator’s answer may surprise you.

Q Advisor Group sets out licensing stance

13 August 2019 - Q Advisor Group will give advisers the choice of becoming a FAP in their own right or operating under its FAP licence under the new regulatory regime.

Advisers need to negotiate lower fees

13 August 2019 - Fund management fees are too high and advisers should be negotiating lower fees for their clients, MyFiduciary principal Chris Douglas says.

ANZ, BNZ rate cuts; FMA warns on licensing

12 August 2019 - It's an action-packed Monday. Plenty of rate cuts to report this morning and from over the weekend. ANZ has made cuts across its fixed rate range,...

Chicken Little and the falling sky

12 August 2019 - It’s been said to me before, J-P how about looking at the glass being half full? Funny thing is the human brain is naturally a bit pessimistic, 60/40% if the studies I’ve read on the subject are right.

FMA boss tells RFAs the clock is ticking and they better hurry up

12 August 2019 - Registered financial advisers have been warned by the regulator that the licensing clock is ticking and they better hurry up if they want to remain in business.

Regulation of custody sector remains undecided

11 August 2019 - The FMA has been reviewing custodians but still has not come up with a decision about whether it is a sector that requires regulation.

Kloogh's clients' missing $8 million

7 August 2019 - About $8 million of client money is missing from financial adviser Barry Kloogh’s accounts, it has been revealed.

Investor confidence in property softens

5 August 2019 - There have been some positive housing market developments of late but they haven’t served to boost investor confidence about residential rental property.

Banks, insurers' complacency 'hard to comprehend' - FMA

2 August 2019 - The complacency of the New Zealand banking and life insurance sectors in the face of the Australian inquiry into financial services misconduct was "frustrating" and "difficult to comprehend," the chief executive of the Financial Market Authority, Rob Everett, said today.

Investors shake off bad publicity

31 July 2019 - Financial Markets Authority (FMA) says negative banking and financial services publicity isn’t affecting investor confidence.

AIA and Sovereign products merged into one

29 July 2019 - A year after AIA and Sovereign came together the newly merged company has released a new product suite and its much-anticipated Vitality product.

Fund passport coming

28 July 2019 - Kiwi investors and managed funds will now be able to do business more easily with Australia, Japan and Thailand, after New Zealand’s implementation...

Our guide to licensing

25 July 2019 - No rate changes this morning, but we have some details for advisers on how licensing will work under the new regime. Check out our guide here: [READ ON]...

Smart Investor tool wins prize

25 July 2019 - Smart Investor, the online tool that enables people to search and compare New Zealand investments such as KiwiSaver, shares and bonds, has won an international...

Here's how licensing will work

25 July 2019 - The Financial Markets Authority will start accepting transitional licence applications on November 4 from advisers wanting to be financial advice providers (FAP) under the new regime.

Ponzi scheme operator jailed

24 July 2019 - The Serious Fraud Office has secured a jail term for another ponzi scheme operator.

FMA: Advice processes pose risk to consumers

24 July 2019 - The Financial Markets Authority says it has poor governance of sales and advice in its sights over the next year.

[The Wrap] Woes continue for ANZ

12 July 2019 - It seems problems keep mounting up for ANZ with news today investors in New Zealand's biggest ponzi scheme, Ross Asset Management, has started legal action against ANZ.

FMA told to tweak guidance on complaints handling

9 July 2019 - The Financial Markets Authority will need to refine its guidance on complaints handling processes if its proposed transitional license standard is to be effective, one complaints expert says.

Banks scrap sales incentives

25 June 2019 - No rate changes today after BNZ's cuts yesterday. There's some interesting news from the lenders, as the Financial Markets Authority and Reserve...

Banks scrap sales incentives

24 June 2019 - New Zealand's banks have committed to ending sales incentives for frontline staff and their managers following pressure from regulators.

Surge in AFA numbers pre-FSLAA

24 June 2019 - Authorised financial adviser numbers grew in the last year for which data will be kept on them.

FSLAA starts June 2020

19 June 2019 - Details of licensing requirements for advisers have been released.

Fund classification could trip up investors: Adviser

14 June 2019 - Investors need a better way of understanding how risky a KiwiSaver fund really is, one adviser says.

Everett tells insurance companies time's up and regulatory change is coming

11 June 2019 - FMA chief executive Rob Everrett says he finds it hard to comprehend that life insurance companies in New Zealand haven't responded to the "forest fires" going on in the industry.

FMA still working on funding for FSLAA

6 June 2019 - The Financial Markets Authority didn't ask for any extra funding in this year's Budget to help with implementing a new licensing regime for all...

Staff: It was all Kloogh's responsibility

4 June 2019 - Regulators are refusing to say whether a South Island financial adviser whose offices were raided last week had been running a Ponzi scheme.

BUDGET: No additional funding for FSLAA implementation

30 May 2019 - The Financial Markets Authority has had no increase in its funding to assist with a transitioning all financial advisers to a new licensing regime.

SFO raids office of Dunedin adviser

24 May 2019 - The Serious Fraud Office, with the assistance of the Financial Markets Authority, has executed search warrants on Thursday in relation to an investigation concerning the Dunedin-based financial adviser.

SFO raids office of Dunedin AFA

24 May 2019 - The Serious Fraud Office, with the assistance of the Financial Markets Authority, has executed search warrants this morning in relation to an investigation concerning the Dunedin-based financial adviser.

FADC hands down its punishment in non-disclosure case

16 May 2019 - A financial adviser who breached the Code of Conduct by skimping on client medical histories in insurance applications has learnt the fate. 

FMA dishes out AML warnings

13 May 2019 - The regulator responsible for financial advisers under the AML regime says it has given formal warnings to 10 reporting entities - and most of them were small businesses or individuals.

Insurers can't ignore Royal Commission: Mason

10 May 2019 - Too many life insurers in New Zealand have written off the Australian Royal Commission as just being about banking and nothing to do with them, Financial Markets Authority head of regulation Liam Mason says.

Too little action for too long: AFA

30 April 2019 - New Zealand's financial services sector needs more action and less talk to help Kiwis get the best outcomes from their investments, one financial adviser says.

ANZ loses court bid over Ross files

12 April 2019 - ANZ has lost its court battle to keep the Financial Markets Authority from sharing information about its Ross Asset Management files.

FMA: Make sure 'off-the-shelf' compliance solutions are a good fit

2 April 2019 - Advisers who have paid for an AML programme from a compliance consultant need to ensure that it's the right fit for their business, the Financial Markets Authority says.

FMA confirms board appointments

1 April 2019 - A fund manager is among new faces on regulator's board.

FMA appoints executives

29 March 2019 - The Financial Markets Authority has made two new management appointments.

The Big Read: FMA goes after adviser for alleged non-disclosure

26 March 2019 - Questions about what the professional responsibilities of advisers in a consumer protection regime are lie at the heart of the Financial Advisory Disciplinary Council (FADC)’s first non-disclosure case.

FMA loses key player

14 March 2019 - A member of the Financial Markets Authority's senior leadership has left, in a move the regulator is calling an internal employment matter.

FMCA license expiries removed

12 March 2019 - The Financial Markets Authority is to remove the expiry dates for all licences issued under the Financial Markets Conduct Act  in a process expected to be complete by the middle of 2019.

Insurers receive individual conduct reports

12 March 2019 - One insurance boss says her company refers two or three advisers a year to the Financial Markets Authority due to concerns about their advice practices – but so far that’s yielded little result.

Advisers told: Pick your time, prove your value

1 March 2019 - Advisers can use new behavioural research to glean tips on how to drive new connections with clients and deepen existing ones, the Financial Markets Authority says.

FMA says it's not lobbying for ban on life insurance commissions

26 February 2019 - Financial Markets Authority chief executive Rob Everett has reminded a select committee that, while the Government appears set to clampdown on adviser commissions, that wasn’t the automatic conclusion of the report into the life insurance sector.

Insurance report to hurt mortgage advisers: Newpark

15 February 2019 - The Financial Markets Authority and Reserve Bank's damning review of conduct and culture in the insurance industry will a "clear impact" on mortgage advisers as regulatory scrutiny heats up for advisers, says Newpark Home Loans boss Andrew Scott.

Regulators 'may misunderstand' legacy products

14 February 2019 - Regulatory scrutiny of legacy insurance products may highlight a lack of understanding about how the industry works, one insurer says.

Conduct, culture, and commission

1 February 2019 - The conduct and culture report published by the FMA and RBNZ recently was meant to be all about insurers, but a significant consequence will be felt by advisers.

Advisers told: Get ready for major change

30 January 2019 - Significant change is coming for the life insurance sector this year, after the government vowed to take action on a damning report from the Financial Markets Authority and Reserve Bank.

FMA gets its wish: Insurance sales incentives to be banned

29 January 2019 - Cabinet has agreed to rid the insurance industry of sales incentives that are driving behaviour that is "not in the best interest of consumers".

Regulators: Life insurance needs to change

29 January 2019 - New Zealand’s financial sector regulators have slammed life insurers – and the way they deal with advisers - in their report into the sector’s conduct and culture.

Industry eyes tax report

25 January 2019 - New Zealand’s financial services sector has its hopes pinned on the Tax Working Group recommending incentives to encourage investing and long-term saving.

Industry ready for regulators' insurance report

17 January 2019 - A Financial Markets Authority and Reserve Bank report into life insurers’ conduct is due at the end of this month – and insurers are bracing for a tougher line than was taken with banks.

Consumers want qualified advice

8 January 2019 - A Financial Markets Authority report on consumers' experiences with financial service providers shows it is vital that a qualification is required for everyone offering regulated financial advice, Financial Advice New Zealand says.

MBIE estimates 1733 single-adviser firms in new regime

19 December 2018 - The Ministry of Business, Innovation and Employment (MBIE) has laid out the number of financial advisers it thinks will continue on to hold licenses under the new financial advice regime.

FMA scores own goal with KiwiSaver tracker: Booster

13 December 2018 - [UPDATED] If the Financial Markets Authority's KiwiSaver Tracker was designed to make investors wary of higher-fee funds, it is not achieving its goal, one fund manager says.

Law doesn't have to be broken for FMA to take action

10 December 2018 - What impact a public warning would have on an adviser’s career is one of the considerations the Financial Markets Authority takes into account when determining the sanctions to hand out, its director of regulation says.

Public warning may mean career over

29 November 2018 - Advisers who have been the subject of regulatory action could have a hard time transitioning to the new regime.

RBNZ clearly has life insurance commission in its sights

28 November 2018 - Insurance advisers' commissions have come in for heavy criticism again, this time from the Reserve Bank. 

Preferred NZ dobs in adviser and shows him the door

28 November 2018 - [UPDATED + COMMENTS] The Financial Markets Authority has issued a public warning about a registered financial adviser after dealer group Preferred NZ alerted the regulator about his dodgy practices.

Serve customers, don't ram products down throats: Everett

28 November 2018 -  Satisfied customers should not be the measure for financial services firms to use to gauge their business conduct, FMA chief executive Rob Everett says.

FMA's review of insurers pushed back

23 November 2018 - The Financial Markets Authority says its culture and conduct review of life insurers remains ongoing. "While we aim to have all work completed on...

AFA applications roll in

23 November 2018 - The Financial Markets Authority is experiencing a rush of applications from those wanting to become authorised financial advisers.

Regulatory role not on the cards for Financial Advice New Zealand

20 November 2018 - Financial Advice New Zealand does not need to have an official regulatory role under the new financial advice regime, its chief executive says.

Bank staff pushing investments, insurance

15 November 2018 - If you think bank staff are being encouraged to push clients into investments and insurance that aren’t necessarily right for them, you’re probably correct.

Banking review finds weaknesses on conduct

5 November 2018 - New Zealand’s banks are not guilty of widespread misconduct or poor culture issues, an FMA and Reserve Bank review has found, but lenders have been criticised for “significant weaknesses” in the way they handle staff conduct risks.

D-day looming for bank conduct report

2 November 2018 - The Financial Markets Authority (FMA) and Reserve Bank will be releasing their report into bank conduct and culture in New Zealand banks on Monday.

FMA back in black

29 October 2018 - After five years in the red, the Financial Markets Authority has returned a surplus in its latest financial year.

[The Wrap] Partners Life drops a bombshell

19 October 2018 - I was going to say it's been a quiet week in the world of financial advice in New Zealand, then Partners Life drops this bombshell.

FMA conduct review nears completion

19 October 2018 - Anyone who was hoping to see a big-name bank taken down by the Financial Markets Authority in its review of conduct and culture is likely to be disappointed.

Advice makes key difference to KiwiSaver

9 October 2018 - Financial Markets Authority's latest report highlights importance of engagement with members - and their $450m fees bill.

FMA calls for adviser support

2 October 2018 - The Financial Markets Authority is hoping advisers will back its efforts to encourage investors to “take the plunge”.

The top regulation questions answered

1 October 2018 - The Financial Markets Authority has released a guide to the questions it says it is asked most commonly about the new regime.

'It feels tacky but everyone else is doing it...'

7 September 2018 - New Zealand consumers still don’t believe that financial services firms operate with their best interests at heart, Financial Markets Authority chief executive Rob Everett says.

Code of conduct launched amid warnings for industry

6 September 2018 - A new code of conduct for the financial services sector has been launched, but the FMA is asking why it took so long to get there.

FMA issues second robo advice licence

27 August 2018 - Nikko Asset Management plans to offer a robo-advice service for its recently launched KiwiSaver scheme later this year.

FMA referred fraudster “broker” to IRD

24 August 2018 - Complaints about the conduct of “mortgage broker” David Simon Barton to the Financial Markets Authority led to his referral to the IRD and conviction for tax fraud, it has emerged.

FMA: Adviser licensing will be a challenge

9 August 2018 - The Financial Markets Authority is bracing for a flood of work when the new financial adviser licensing regime begins – but it’s not clear yet how big the wave will be.

Advisers vindicated in latest report

19 July 2018 - Advisers have been vindicated by a report that unearthed serious problems with many of the country’s biggest qualifying financial entities (QFEs), one product provider says.

QFEs fail on replacement business practices: FMA

18 July 2018 - The FMA is considering regulatory action against three QFEs because of failures in the way they deal with insurance replacement business.

Bank profits under pressure - KPMG

18 July 2018 - The era of record setting profits for New Zealand banks looks to be over with a new report revealing they saw a significant decline in the last quarter.

FMA: Gloves are off on AML

28 June 2018 - The Financial Markets Authority is warning the “gloves are off” when it comes to its expectations of New Zealand’s adoption of AML/CFT rules.

KiwiSaver must change, providers say

13 June 2018 - Product-based commission should be banned for financial advisers offering advice on KiwiSaver, Milford Asset Management chief executive Troy Swann has told an event in Auckland.

Regulators: no "evidence" to warrant NZ banking commission

30 May 2018 - The Reserve Bank of New Zealand and the Financial Markets Authority have not seen “evidence of widespread, systemic issues” to warrant an inquiry into the country's financial services industry, the two regulators said in a statement today.

Ministers meet regulators as banks, insurers asked for information

30 May 2018 - Commerce Minister Kris Faafoi says there has been no evidence of systemic problems in financial services in this country but it is appropriate that regulators review the sector.

Advisers 'should be next for regulator check'

28 May 2018 - First it was banks, then it was insurance advisers – now there are calls for adviser groups to come under the microscope as part of New Zealand regulators’ response to the Australian Royal Commission of Inquiry into Misconduct in the Banking, Superannuation and Financial Services Industry.

Insurers next for regulatory scrutiny

24 May 2018 - [UPDATED] New Zealand's life insurers are now being asked to show what they are doing to identify issues of misconduct within their organisations.

Royal Commission triggers letter to insurers from FMA and RBNZ

24 May 2018 - The FMA and the RBNZ have sent the letter below to the chief executives of New Zealand’s licensed life insurers

Dodds: Regulators 'attack on integrity'

24 May 2018 - Recent reports questioning financial adviser behaviour are an attack on the reputation and integrity of the industry, the head of the Institute of Financial Advisers says.

Soft commission schemes untenable under new regime: FMA

17 May 2018 - Many soft commission incentives currently offered to financial advisers will not be able to continue under new advice laws, the Financial Markets Authority says.

Soft dollar commissions: What’s the problem?

16 May 2018 - It’s clear the Financial Markets Authority doesn’t like soft dollar commissions at all. But it’s hard to find any hard evidence in its report produced yesterday what the problem is.

Advisers, not consumers benefit from soft commissions: FMA

16 May 2018 - Insurers' soft commissions and sales incentives may be setting advisers up to fail in their obligation to exercise care, diligence and skill for their clients, the Financial Markets Authority says.

AFA population shrinks

15 May 2018 - Thirty more authorised financial advisers left the industry in the 12 months to June 30 last year than joined it, new data just released from the Financial Markets Authority shows.

Older KiwiSaver members prompted to switch

15 May 2018 - New research shows older KiwiSavers tend to turn to online tools rather than seek human advice on their investments. An FMA, MBIE and Industry trial tested...

What the FMA said to banks

4 May 2018 - The FMA has released a strongly worded letter it has sent to New Zealand banks in response to the Royal Commission in Australia.

FMA: Show how you're different

2 May 2018 - It is not enough for the big banks to simply say that New Zealand is different to Australia – they’ll need to explain how, the Financial Markets Authority’s chief executive has said.

From university to FMA

26 April 2018 - A new appointment has been made to the Financial Markets Authority board.

An enquiry? Careful what you wish for

26 April 2018 - [ROYAL COMMISSION] New Zealand's financial services sector could get more than it bargained for if a Royal Commission were launched in this country, as it has been in Australia.

FMA probes performance fees

19 April 2018 - The Financial Markets Authority is working with fund managers to understand why some of their quarterly fund updates show markedly higher fees than their PDS estimated indicated they would charge.

FMA ponders PDS in Te Reo

17 April 2018 - The FMA is seeking submissions on its proposal to enable companies offering investments to publish product disclosure statements (PDS) in both te reo Māori...

Investors: PDS still too complicated

11 April 2018 - Investors have told the Financial Markets Authority (FMA) there is still room to improve product disclosure statements (PDS).

FMA lacking ability to fine

10 April 2018 - The Financial Markets Authority is struggling with the gap between the softer and heavier powers of civil and criminal prosecution, a report from the Economic Development Science and Innovation Committee says.

Churn battle: Ballantyne v Everitt

28 March 2018 - A war of words has broken out between Naomi Ballantyne and the Financial Markets Authority CEO Rob Everett over the issue of insurance replacement business.

Ballantyne responds to FMA churn report

28 March 2018 - [OPINION] Partners Life managing director Naomi Ballantyne says she's pleased with the FMA Churn Report, but there is more to do.

FMA: We're putting life advisers on notice

22 March 2018 - FMA releases Churn Report: It says New Zealand’s system of high upfront insurance commissions needs to change.

FMA warns on AML

12 March 2018 - Five unnamed businesses have been formally warned about AML breaches.

FMA concerned at AFA disclosure

20 February 2018 - Regulators are concerned about authorised financial advisers' disclosure statements not complying with regulations.

Advisers told: Don't ignore crypto

25 January 2018 - Financial advisers should expand their repertoire to be able to offer advice on cryptocurrencies, one expert says.

FMA scam warning

11 January 2018 - The Financial Markets Authority has issued a warning about a scam email. The regulator said the email titled "Training: Financial Regulatory Update 2018"...

Getting to Know: Paul Sewell

15 December 2017 - After a stint in banking, it was a newspaper article that prompted Paul Sewell into financial advice.

Law changes look like Aussie model: Stewart

14 December 2017 - Smaller advice firms could find the new legislative regime is harder to deal with than they expect, if the Australian experience is anything to go by.

Hanover investors sought

12 December 2017 - Hanover investors are being urged to claim their slice of settlement funds. In 2015, the Financial Markets Authority negotiated a $18m settlement with...

FMA preparing for advice changes

11 December 2017 - The Financial Markets Authority has told incoming Commerce and Consumer Affairs Minister Kris Faafoi that it is working through its preparations for the new financial advice regime.

FMA loses newish senior manager to Pie Funds

8 December 2017 - A key member of the FMA's executive team is moving to a fund manager role.

Few takers for advice - but retirees rue missed opportunity

7 December 2017 - Many retirees regret not taking financial advice, but it’s not easy to get people who need it to take an interest, data shows.

Nikko plots KiwiSaver launch

6 December 2017 - Nikko Asset Management is to launch a KiwiSaver fund offered via roboadvice.

FMA tool ignites fee debate

28 November 2017 - The Financial Markets Authority is being told its KiwiSaver Fund Tracker tool needs a longer timeframe than five years if it is going to make meaningful statements about funds’ performance.

New minister gets into client first debate

27 November 2017 - New Commerce Minister Kris Faafoi says he’s less worried about whether New Zealand has enough financial advisers to cater for the population – and more whether the financial advisers it has are putting their clients first.

AML warning for broker firm

24 November 2017 - The FMA has issued a formal AML/CFT warning to brokerage firm Fullerton Markets. An inspection showed the firm did not have adequate risk assessment and...

Ethics matter in fintech era: CFA

23 November 2017 - Ethical considerations are becoming an increasingly important requirements of those involved in investment management and advice, the head of the CFA Institute in this part of the world says.

FMA pushes net returns over fees debate

21 November 2017 - The FMA has made it clear that promoting KiwiSaver funds on low fees only is wrong.

A survival guide for financial adviser licensing

21 November 2017 - All financial advisory businesses will begin a mandatory licensing process, but do not fear, the FMA comes in peace, John Berry says. In the first of two-part commentary he shares his views on what to expect and how to prepare for change.

Roboadvice green light 'better late than never'

17 November 2017 - Work is progressing on the exemption that will allow personalised roboadvice, or digital advice, in New Zealand. But one law firm says it's a case of "better late than never".

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'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...

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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ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 ▼6.75 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 8 April 2024 9:21am

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