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Media releases – 2013

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High level of KiwiSaver switching during COVID-19 driven by young people

Young people dominated the high level of KiwiSaver fund switching during the height of COVID-19 market volatility last year, KiwiSaver provider data shows.

Thousands of young New Zealanders missing out on investment returns

The (FMA) is urging young New Zealanders to check they’re in the right KiwiSaver fund. The call follows data indicating over 12,000 KiwiSaver members aged 26-35 years old are sitting in lower risk or conservative funds after switching from higher growth funds during COVID-19 market volatility last year.

FMA appoints Liam Mason as General Counsel

The Financial Markets Authority - Te Mana Tātai Hokohoko (FMA) has appointed Liam Mason as General Counsel.

New default KiwiSaver settings designed to benefit members

The Financial Markets Authority - Te Mana Tātai Hokohoko (FMA) notes the Government’s announcement today regarding new KiwiSaver default provider arrangements, these include new settings that offer a package of benefits for default KiwiSaver members.

Supreme Court rejects sentence appeal by PTT’s Steven Robertson

The Financial Markets Authority - Te Mana Tātai Hokohoko (FMA) has welcomed the Supreme Court’s decision to dismiss a sentence appeal by Steven Robertson of PTT Limited, bringing the matter to a close.

New law reforms the regulation of financial market infrastructures (FMIs)

New laws to regulate and supervise payment and settlement systems have been passed by Parliament following the third reading of the Financial Market Infrastructures Bill (the Bill) yesterday. Under the Bill the Reserve Bank of New Zealand – Te Pūtea Matua (the Reserve Bank) and the Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) will be joint regulators of most FMIs, including central securities depositories, securities settlement systems, central counterparties, and trade repositories. The Reserve Bank will be the sole regulator of payments systems under the new regime.

CLSAP (formerly KVB Kunlun) admits to anti-money laundering breaches

CLSA Premium New Zealand Limited (CLSAP NZ) has admitted to breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act, following proceedings brought by the Financial Markets Authority – Te Mana Tātai Hokohoko (FMA).

Advertising phenomenal investment returns for the last year could mislead investors, FMA says

The Financial Markets Authority (FMA) is warning the funds management industry to avoid advertising large investment returns for the 12-month period to March 31, 2021, as this could mislead investors.

FMA welcomes NZ strategy for financial capability

The Financial Markets Authority (FMA) has welcomed the release of The National Strategy for Financial Capability, presented in Parliament today by the Minister for Commerce and Consumer Affairs, Dr David Clark.

FMA expects KiwiSaver managers to follow four key principles to show value for money

Fund managers are expected to annually review their fees and value for money with their supervisors and prove to the Financial Markets Authority (FMA) the review has happened, as a result of final guidance on fund manager fees and value for money, published today (14/4/2021).

FMA provides breakdown of financial advice providers in the new regime

The Financial Markets Authority (FMA) has provided transitional licence numbers under the new financial advice regime, revealing how many financial advice providers are operating in New Zealand. It follows the start of the new financial advice regime last month.

IFIAR releases 2020 Survey of Inspection Findings

The International Forum of Independent Audit Regulators (IFIAR) has released its ninth annual survey of Members’ inspection results for the 2020 year. IFIAR is a membership organisation of 54 independent audit regulators, including the Financial Markets Authority (FMA).

FMA directs Rockfort Markets to address misleading advertising

The Financial Markets Authority (FMA) has directed licensed derivatives issuer (DI) Rockfort Markets to remove or amend misleading advertising statements on its social media channels and website.

James Greig, FMA Director of Supervision, to lead monitoring and supervision of financial advice

The FMA announced that overall responsibility for monitoring financial advice sits with James Greig, Director of Supervision. He has recently been appointed to the FMA’s Executive Committee and has reported directly to Chief Executive Rob Everett since 2020.

FMA Board announces Chief Executive will leave at end of 2021

The Financial Markets Authority (FMA) Board today announced that Chief Executive Rob Everett had resigned and would leave the organisation towards the end of the year.

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Media releases – 2013