Media releases – 2019

Up to 700 financial advisers may have to stop giving advice on KiwiSaver, managed funds and other investment products on 1 July because they haven't completed the qualifications needed to be an Authorised Financial Adviser (AFA).

The Court has confirmed that the 'deferred payment' offers made by Mr Bernard Whimp and associated entities were misleading. FMA accepts the Court's decision. Read more.

The Financial Markets Authority is warning investors against being classified as wholesale investors and losing retail 'mum and dad' investor rights and protections.

Restoring investor confidence in New Zealand's financial markets is the major goal of the new Financial Markets Authority which was formally established today.

From 1 April, all financial advisers, or the companies they work for, have to be registered on the online Financial Service Providers Register, www.fspr.govt.nz. Advisers who should be on the register, but aren't risk hefty penalties.

The High Court, on application from the Securities Commission, has granted interim injunctions to stop shares being transferred to limited partnerships associated with Mr Bernard Whimp. Read more.

The first Qualifying Financial Entities (QFEs) licences have been granted signalling the next step in the implementation of the new financial advisers regulatory regime.