RFAs are individual advisers who are required to be registered under the Financial Advisers Act 2008.
RFAs can provide financial advice in relation to a category 2 product. RFAs are permitted to provide a class service to a retail client, or a financial adviser service to a wholesale client.
Putting investor interests first is at the heart of raising the standards of how financial advice is conducted.
See here for all licensing and registration information.
RFAs must, when providing financial adviser services:
RFAs need to annually renew their registration on the Financial Service Providers Register and notify the Registrar of changes. They must be a member of a dispute resolution scheme, if providing services to retail clients.
Any person can complain to the FMA about the activities of an RFA and we can investigate that complaint and take appropriate action.
RFAs are not subject to disciplinary committee proceedings under the Act but we have a range of enforcement actions we can take. The Registrar may also deregister RFAs, or we may give a direction to deregister a RFA in certain circumstances. See Financial Service Providers (Registration and Dispute Resolution) Act 2008, sections 18A to 18C.
20 February 2017
Media release MR No. 2017 – 05 20 February 2017 The Conduct Outcomes Report 2016 highlights the key issues and actions from the FMA’s enforcement, supervision and preventative activities for the financial year July 2015 to June 2016. Previously published as the Investigations and Enforcement Report, this report shows how the FMA has made use of the broad range of conduct regulation powers available under the Financial Markets Conduct Act 2013. Key ac...
15 February 2017
Media Release MR No. 2017 – 04 15 February 2017 Today the Financial Markets Authority published its updated Strategic Risk Outlook (SRO). This is a foundation FMA document and sets out how the regulator identifies and prioritises the key risks to its overall objective of fair, efficient and transparent markets. In 2014, the FMA established seven strategic priorities to address the main risks and potential harms to financial markets. Those priorities an...
8 February 2017
Media Release MR No. 2017 – 02 8 February 2017 The Financial Markets Authority (FMA) has issued a formal warning to 12 reporting entities under section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (the Act). Under section 59(2) of the Act, the FMA required reporting entities to submit their audit of their Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) risk assessment and AML/CFT programme by 25 Nove...
2 February 2017
We are seeking feedback on our conduct guide. The guide details how we will examine whether financial service providers are demonstrating good conduct under the Financial Markets Conduct Act (FMC Act).