Media release MR No. 2017 - 2821 June 2017
The FMA is seeking feedback on its proposals to allow entities to provide personalised financial advice generated by a computer programme or algorithm (robo-advice). This would be a temporary measure before new legislation is passed by Parliament.
The current law, passed in 2008, did not contemplate digital advice, meaning that personalised advice, or advice that takes into account an individual's financial situ...
Jeffrey Peter Honey was sentenced to six months home detention at the Auckland District Court, after pleading guilty to one charge of insider trading under section 243(1)(a) and section 244 Financial Markets Conduct Act. Read more.
Media release MR No. 2017 –238 June 2017
The Government has recently introduced regulations requiring KiwiSaver providers to disclose fees in dollars in members’ annual statements. The Financial Markets Authority (FMA) has been consulting on a methodology that will assist KiwiSaver providers to understand the requirements of those regulations.
The FMA today announced its decision on the methodology for calculating the fees charged to members by dolla...
Media release MR No. 2017 – 2229 May 2017
Major disruptions in world events over the last year have not dented New Zealanders’ confidence in financial markets. The FMA today released its annual survey into the public’s attitude to financial markets. The survey shows that confidence has risen significantly to 65% among all respondents, from 56% in 2016.
Investor confidence in the markets has reached its highest level (69%) since the FMA started the...
Media release MR No. 2017 – 2126 May 2017
The Reserve Bank of New Zealand and Financial Markets Authority have welcomed the release of a new code to promote good practice in the international foreign exchange market.
The new Global Code of Conduct for the Foreign Exchange Market was released in London by the Bank for International Settlements last night. It was developed by central banks and foreign exchange market participants from 16 international ju...
Media releaseMR No. 2017 – 2024 May 2017
Common issues, hints for new applicants and a guide to the Financial Markets Authority’s (FMA) future focus are included in a review of the regulator’s first two and a half years of licensing.
The Financial Markets Conduct Act 2013 (FMC Act) introduced a system of licensing and monitoring for the first time for many companies involved in New Zealand’s financial markets. By December 2016, the transition to...
Anthony Wilson, a former Registered Financial Adviser pleaded guilty at the Auckland District Court to two charges of making a false document for pecuniary advantage. The charges were filed by the Financial Markets Authority (FMA) under the Crimes Act. Read more.
Media release MR No. 2017 – 1815 May 2017
Investors will benefit from greater protection due to a change in the way the Financial Markets Authority (FMA) will treat certain companies offering shares.
Under the Financial Markets Conduct Act 2013, the FMA is able to designate products based on their economic substance, rather than their legal form.
From May 19, a class designation comes into effect so that the FMA will treat newly issued shares in invest...
Media release MR No. 2017 – 1710 May 2017
The FMA today welcomes the publication of NZX’s updated Corporate Governance Code.
The code will replace the existing Best Practice Code in NZX’s listing rules for the main board and debt market, and reflects developments in financial markets since the original code was published in 2003.
The content of the NZX code is well aligned to the principles in the FMA’s Corporate Governance Handbook.
Media release MR No. 2017 – 169 May 2017
The FMA today welcomes the publication of the International Monetary Fund’s Financial System Stability Assessment (FSSA) for New Zealand.
The FSSA is the IMF’s headline report from their 2016 review of New Zealand’s financial system. This review is known as a Financial Sector Assessment Program (FSAP) and included two IMF missions in August and November 2016. Detailed documentation was examined and meeti...
Media release MR No. 2017 – 158 May 2017
The FMA is working with ANZ to see if behavioural insights can prompt more ANZ KiwiSaver members to get retirement advice, or use retirement-planning tools when they hit 56 years old.
The aim of this behavioural insights pilot is to examine if adjusting communications sent to ANZ KiwiSaver members aged 56, and users of their ‘lifetimes’ investment approach, results in more members checking they are on track...
FMA had ongoing inquiries into the Forestlands companies. We have referred some matters to the Serious Fraud Office. We will continue to complete our inquiries in relation to financial markets issues. Read more.
An individual today pleaded guilty at the Auckland District Court to one charge of insider trading under section 243 Financial Markets Conduct Act - namely, being an information insider advising or encouraging another person to trade. Read more.
Media release MR No. 2017 – 1511 April 2017
KiwiSaver members will be able to see the dollar cost of the fees they are paying in their annual statements next year. The Ministry of Business and Innovation and Employment (MBiE) is currently amending the Financial Markets Conduct Regulations so that individual members’ total fees must be disclosed in annual statements in dollar values, from March 2018.
Following this Government policy decision, the FMA...
Media release MR No. 2017 – 135 April 2017
The key ingredients that make it more likely you can relax and enjoy your life after work have been revealed in an FMA survey of older New Zealanders.
The FMA commissioned Colmar Brunton to survey New Zealanders aged between 60 and 74 years, to find out their experiences of retirement and how information or advice has helped them manage their retirement savings. Those older New Zealanders reporting strong co...
The Financial Markets Authority has today confirmed that businesses selling short-duration derivatives need to be licensed. The Financial Markets Conduct Act introduced licensing for derivatives issuers in December 2014.
Media releaseMR No. 2017 – 1127 March 2017
The Financial Markets Authority today published its third statistical report on Authorised Financial Advisers (AFAs) in New Zealand. The FMA requires AFAs to submit an annual information return each year.
The report uses the data from that questionnaire to provide a snapshot of the sector for the 12 month period ending June 30th 2016.
It has been published in Tableau to enable the industry, media...