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  1. 11 April 2018

    Care, diligence and skill

    All financial advisers must exercise the care, diligence and skill that a reasonable financial adviser would exercise in the same circumstances. In determining what a reasonable financial adviser would do, the following matters must be taken into account: the nature and requirements of the financial adviser's client or clients the nature of the service and the circumstances in which it is provided the type of financial adviser See more in section 33 of t...


  2. 9 March 2015

    Disciplinary process

    Disciplinary process   Complaints We have a formal complaints process if people or companies breach the Financial Advisers Act 2008. AFAs have certain whistle-blowing protections if they report a breach under the Act.  Disciplinary Committee The Disciplinary Committee is an independent body. It conducts disciplinary proceedings arising from complaints about AFAs relating to breaches of the Code of Professional Conduct for AFAs. The Committee may take a range of actions as a result of proceed...


    11 March 2015

    Financial Markets Authority AFA Update: Issue # 35

    Information sheets – DIMS A highlights video of the FMA DIMS seminar held in Auckland on the 3rd of December is now available. The seminar included three key segments: understanding DIMS, becoming licensed or authorised, and putting it all together. Some AFAs attending the seminar had questions concerning both contingency DIMS and also the transitional provisions that apply to AFAs who only intend to offer personalised DIMS under the Financial Advisers Act. Accordingly, we have published t...


    1 May 2012

    Minister celebrates PPSR milestone

    Craig Foss1 May, 2012 Commerce Minister Craig Foss has welcomed the 10-year anniversary of the Personal Property Securities Register. "Ten years ago New Zealand became the first country to launch a fully-electronic online securities register, "In the decade since, the PPSR has proved to be a vital tool for businesses, allowing them to register leased goods or collateral and protect these goods in case their customers go bankrupt, "There are now almost six million personal property statement...


    1 May 2011

    New Financial Markets Watchdog Opens for Business

    Hon Simon Power, Minister of Commerce1 May 2011 The Financial Markets Authority officially opened for business today, almost a year to the day after Commerce Minister Simon Power announced its formation. The FMA takes over the functions of the Securities Commission and Government Actuary which are being disestablished, and consolidates other regulatory functions from the Ministry of Economic Development. "I'm confident that the FMA will lift the bar in terms of market behaviour and will have t...


    4 April 2014

    FMA Update - 4 April 2014

    New era for New Zealand financial markets – FMC Act comes into effect April 2014 marks the start of a new era for New Zealand’s financial markets with Phase One of the Financial Markets Conduct (FMC) Act 2013 coming into effect. This is an ambitious and exciting period of change for market participants and for investors.The key parts of the Act coming into effect now include being able to apply for licenses under the new licensing regime, this includes the exciting new services of peer-to-...