FMA Update - 21 July 2016

Adapting to change  

As a risk based regulator, we need to be adaptive to change, ensuring we are tackling the right problems and constantly assessing the cost benefit analysis of our regulatory interventions.

With this in mind, there are a couple of things we would like highlight this month.

Right now we’re taking the opportunity to review our Strategic Risk Outlook. This is an important document for the FMA and for the businesses and individuals we regulate. It sets out, to investors and to our regulated population, where we see the key risks and drivers of risk in our financial markets landscape, and what we will focus on to address these risks.  It outlines the strategic priorities that underpin our operations over the medium term.

Each year we review the Strategic Risk Outlook and the underlying drivers of risk. However, this year we are likely to also re-publish it with refreshed content to reflect some changes in our landscape and our focus areas. We would value your feedback to help us make the next edition more user-friendly.

Please take a few minutes to take our very short feedback survey so we can make our refreshed Strategic Risk Outlook easier to consume and more useful to you.

We have also been working with MBIE to review our funding - the first review since our funding was set when the FMA was established in 2011.

In the next week or so, MBIE will publish a consultation paper on the review.  We will publish a link to the consultation paper on our website and send the usual consultation notice as soon as MBIE has released it.

Also within the next week we will publish a guide on our view of conduct. It describes how we intend to use conduct as a ‘lens’ for looking at what financial services providers do, and how they do it, and how that translates to what customers experience. We will be consulting on the guide until 31 October.

We look forward to your feedback on all three of these important documents.

Simone Robbers
Director of Strategy and Risk, FMA

Seeking Hansa Ltd investors  

The FMA and the Serious Fraud Office are investigating Mr Paul Clifford Hibbs and Hansa Limited (Hansa).

Anyone who had been in contact with Hibbs or Hansa in relation to the offer of financial advice, investment services or other form of financial product or service  is encouraged to contact us on 0800 434 566, or log a complaint via our website. Contact us


1 July - 31 August

Annual AML/CFT reports - reporting entities supervised by the FMA are required to submit their annual AML/CFT report on their risk assessment and compliance programme between 1 July 2016 and 31 August 2016. Read more ›

17 August - 30 September

Next month AFAs can begin submitting their annual information return online. Read more ›

30 August

Last call for licence applications. To ensure we can give you the right level of service, all applications need to be submitted to the FMA by 30 August. Read more >

We want your feedback! 

Strategic Risk Outlook survey 

Provide your feedback on our Strategic Risk Outlook so we can make the next edition easier to consume and more useful to you. Start survey

Website survey 

Take part in a short survey to help us improve our website. Your responses will help keep our website as informative and useful as possible. Start survey

Code Committee news 

Code of Professional Conduct Revision: Final issues response paper released.

Reappointment of Code Committee members announced. More

Upcoming consultation 

Next Monday (25 July),  we will be publishing a consultation paper on ‘A guide to the FMA’s view of conduct’. This guide explains how we will examine whether financial services providers are demonstrating good conduct under the FMC Act.

It also describes how conduct will be the FMA’s ‘lens’, through which we will examine what providers do, how they do it, and how that translates to what their customers experience.

Use and share our plain English content 

Investing can be complicated at the best of times.  But can you imagine a first-time investor trawling through long documents written in legalese?  Chances are they are less likely to be read and understood. 

The consumer section of our website is written in plain English – it explains technical terms, decodes jargon, provides tips and links to other useful websites.  It’s a trusted source of investor information. If you think any of this content would benefit your customers, we welcome businesses to use, share or link to it.

When republishing our content we would be grateful if you could attribute it to the FMA website URL More

Life insurance can protect you but only if you protect yourself first 

Whether you’re buying life insurance for the first time or switching policies, you need to read this. It highlights issues and warns consumers of how they can get caught out when switching their life insurance policy. More

Don’t be lured into the latest investment scam 

Sophisticated scams are on the rise. Investment or education software and seminars are popular ways to lure investors who are told they can learn secrets to financial success or access cutting-edge technology to predict trades or bets.  Don’t become a victim. More

Coming soon

Look out for the following publications we’ll be releasing within the next month.

  • Report on corporate governance disclosure
  • Authorised financial advisers in NZ - a snapshot of the industry from July 2013 - June 2015
  • Updated enforcement policy
  • Regulatory response guide
  • Co-operating with the FMA policy

FMA news

All news

Industry insights