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  4. Consultation paper: Proposed exemption to facilitate personalised robo-advice

Consultation paper: Proposed exemption to facilitate personalised robo-advice

 

First published 21 June 2017

 

Final date for submissions

 

5pm, Wednesday 19 July 2017

(this consultation has concluded)

 

Consultation document

Proposed exemption to facilitate personalised robo-advice

Submission form

Feedback form

E-mail for submission consultation@fma.govt.nz (please use the title of the consultation paper for the subject line)

We are considering using our exemption powers to facilitate the provision of personalised robo-advice services.  Our current preference is to do this through a class exemption, if practicable.  The current regulatory settings impede the development of personalised robo-advice models in the New Zealand market.  This situation is proposed to be addressed through changes to financial adviser laws; however, these law reforms are not likely to come into effect until 2019. 

If granted, the exemption will enable entities to provide personalised financial advice through a digital channel before the law reform, provided they comply with certain conditions which are outlined in this paper.  This will facilitate greater access to advice for consumers while providing consumer protection safeguards.

We welcome your feedback on the exemption proposal discussed in this paper. Please use the feedback form at the back for any comments.

Submissions closed on Wednesday 19 July 2017.

If you have questions, please contact us at questions@fma.govt.nz