2024/25 highlights
Outcomes-focused regulation
We published our approach to outcomes-focused regulation, which sets out the outcomes we want to see for consumers and financial markets, and how we will work with industry and other stakeholders to get there.
Read more: Outcomes-focused regulation
Financial Conduct Report
We released our first annual Financial Conduct Report, which highlights our regulatory priorities, key activities and expectations for the sectors we regulate for the coming year.
Read more: Financial Conduct Report
Conduct of Financial Institutions regime
We licensed financial institutions under the Conduct of Financial Institutions regime, which came into force on 31 March 2025. Banks, insurers and non-bank deposit-takers that are financial institutions are now required to comply with the fair conduct principle when providing relevant services to consumers.
Read more: CoFI regime now in effect
Regulatory sandbox
We launched our ‘regulatory sandbox’ pilot for fintech, which supports innovation in financial services by allowing firms to test innovative products, services or business models before taking them to market.
Read more: Innovation
Research
We carried out consumer and market research to help inform our regulatory activities, including papers on understanding fairness in financial services, commercial real estate and the managed funds industry, artificial intelligence in financial services, and market cleanliness in the New Zealand equity market.
Read more: Research
Fair dealing cases
We filed civil proceedings against IAG and ASB Bank alleging breaches of fair dealing provisions including as misrepresentations related to advertised discounts and other customer benefits. We also saw the resolution of similar proceedings against Westpac and AA Insurance, which were ordered to pay penalties of $3.25m and $6.175m respectively.
Insider trading case
We filed criminal proceedings against Kevin Young, a former treasury accountant with Heartland Bank, who entered guilty pleas and was sentenced to six months home detention and ordered to pay a fine of $11,241 in relation to three charges of insider conduct.
Read more: Case - Kevin Young
Licence cancellation
We cancelled Integrity Advisers Insurance Limited’s financial advice provider licence for engaging in serious misconduct, including unfairly pressuring clients to retain policies they wished to cancel, charging fees for cancellation that were greater than those permitted by Integrity’s fees policy, and telling some clients they would be reported to Immigration New Zealand if they failed to pay fees.
Read more: Case - Integrity Advisers Insurance Limited
Investment scams
We issued 109 alerts about potential scams and unregistered businesses on our website, and provided translations in some instances to ensure the alerts are accessible to communities that are being targeted. We also participated in collective scam disruption efforts, including co-chairing IOSCO’s Asia Pacific Regional Committee Scams Working Group, and sharing intelligence to disrupt scams with local regulators and cyber safety agencies.
Warnings and alerts
Unregistered businesses
Supervision
We conducted monitoring activity across a range of regulated sectors, to understand and influence how firms manage risks to the outcomes we want to see for consumers and markets. We published findings from our monitoring including:
Consumer podcast series
We launched Jess Learns to Invest, a podcast featuring FMA staff member and investing newbie Jess navigating the ups and downs of becoming an investor. Each episode features Jess talking to an industry expert, covering topics such as investing basics, managed funds, market volatility and property investing.
Read more: Podcast
