Tag: nz_financial_markets_authority
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FMA Becomes Sole Financial Market Conduct Regulator in New Zealand
The FMA has assumed responsibility for consumer credit regulation from the Commerce Commission, becoming New Zealand's single financial market conduct regulator. This centralizes oversight, aiming for clearer rules and enhanced consumer protection, with an initial focus on lending practices and…
BusinessPolitics and GovernmentEconomyFinancial MarketsLegalState GovernmentsSocial Issues Financial Markets AuthorityFMAConsumer CreditFinancial RegulationCommerce CommissionCredit Contracts and Consumer Finance Amendment Act 2026NZ Financial Markets Authority
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FMA Unveils 2026/27 Regulatory Priorities, Expands Consumer Protection
FMA outlines 2026/27 regulatory priorities, focusing on consumer credit oversight, managing conflicts, product design, and fraud. The report highlights progress in strengthening New Zealand's financial markets and embracing innovation like AI while ensuring strong consumer protection.
BusinessLaw EnforcementScience & TechnologyEconomyBankingFinancial MarketsArtificial IntelligenceLegalEducation Financial Markets AuthorityFinancial Conduct ReportRegulatory PrioritiesConsumer CreditFinancial RegulationNZ Financial Markets Authority
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FMA Seeks Feedback on New Zealand's Custody of Client Assets Laws
The FMA is reviewing New Zealand's custody of client assets laws, seeking feedback on clarity and fitness for purpose. The discussion paper highlights concerns about the complex, fragmented regime, limited oversight, and emerging risks to investor protection.
BusinessPolitics and GovernmentEconomyBankingFinancial MarketsLegalGeneral Politics Financial Markets AuthorityCustody of AssetsFinancial RegulationInvestor ProtectionDigital AssetsRegulatory ReviewNZ Financial Markets Authority
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FMA Grants Interim Relief on Climate Reporting for Health and Life Insurers
New Zealand's FMA offers 'no action' relief to health and life insurers on climate reporting, pending legislative changes. This move aims to reduce compliance costs as the government plans to remove these entities from the CRD regime.
BusinessPolitics and GovernmentEconomyLegalGeneral PoliticsClimate Change Financial Markets AuthorityClimate ReportingHealth InsurersLife InsurersRegulatory ReliefClimate Related DisclosuresNZ Financial Markets Authority
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NZX Meets Market Operator Obligations, FMA Annual Review Finds
New Zealand's Financial Markets Authority confirmed NZX Limited effectively met its market operator obligations for 2025, citing strong governance and operational independence. The FMA made no formal recommendations, noting progress on previous advice.
BusinessPolitics and GovernmentEconomyFinancial MarketsLegalFederal Government NZXFMAFinancial Markets Authoritymarket operatorNZ RegCoannual reviewNZ Financial Markets Authority
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BNZ Fined $2.6 Million for Misleading Interest Calculation Practices
BNZ admitted misleading customers on interest calculations for non-profit accounts, breaching fair dealing rules. The bank will pay $2.6 million to the Crown and has remediated 23,103 affected customers for $5.44 million in underpaid interest.
BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityMisleading ConductInterest CalculationCustomer RemediationFinancial Markets Conduct ActNZ Financial Markets Authority
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FMA Urges Insurers to Prioritize Fair Consumer Outcomes in Sales Campaigns
The FMA has released findings on insurer sales campaigns, urging better management of incentives to prevent conflicts of interest. Insurers must adopt proactive, outcomes-focused approaches to ensure fair treatment of consumers under the CoFI regime.
BusinessLaw EnforcementFinancial MarketsLegalSocial Issues FMAInsurersConsumer ProtectionSales CampaignsConflicts of InterestConduct of Financial Institutions (CoFI)Financial AdvisersNZ Financial Markets Authority
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FMA Urges Insurers to Prioritize Fair Consumer Outcomes in Sales Campaigns
The FMA has released findings on insurer sales campaigns, urging proactive management of incentives to prevent conflicts of interest and ensure fair consumer outcomes under the CoFI regime in New Zealand.
BusinessPolitics and GovernmentFinancial MarketsLegalGeneral Politics Financial Markets AuthorityInsurersConsumer ProtectionSales CampaignsConflicts of InterestConduct of Financial InstitutionsNZ Financial Markets Authority
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FMA Files 61 Mortgage Fraud Charges Against Six Individuals
New Zealand's Financial Markets Authority has filed 61 charges against six individuals in Manukau District Court, alleging mortgage fraud under various acts. The FMA aims to deter similar conduct and uphold trust in the lending system.
BusinessLaw EnforcementLegalBankingFinancial MarketsEconomy Financial Markets AuthorityMortgage FraudManukau District CourtFinancial CrimeLegal ProceedingsCrimes Act 1961NZ Financial Markets Authority
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FMA Prepares to Assume Consumer Credit Regulation in New Zealand
New Zealand's FMA will take over consumer credit regulation from the Commerce Commission on July 1, 2026, following a new Bill's third reading. This aims for a streamlined, coordinated approach with a new licensing regime for lenders.
BusinessPolitics and GovernmentLaw EnforcementEconomyLegalFinancial MarketsFederal GovernmentSocial Issues Financial Markets AuthorityConsumer CreditRegulatory ResponsibilityCredit Contracts and Consumer Finance ActLendingFinancial ServicesNZ Financial Markets Authority
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FMA Report Reveals Progress and Gaps in Climate Disclosures
New Zealand's Financial Markets Authority released its 2026 Climate-related Disclosures report, noting improved reporting but emphasizing the need for better identification and assessment of climate-related physical risks. FMA plans webinars and workshops to support entities.
BusinessPolitics and GovernmentEconomyEnvironmentEducationGeneral Politics FMAClimate-related Disclosuresphysical risksclimate changefinancial reportingregulatory reviewNZ Financial Markets Authority
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FMA Report: Climate Disclosures Improving, Physical Risks Need Sharper Focus
New Zealand's FMA reports improving climate disclosures but urges entities to sharpen focus on physical risks and their financial impacts. The 2026 insights highlight progress in reporting structures and emissions, while calling for better data quality and clearer risk explanations.
BusinessScience & TechnologyPolitics and GovernmentEconomyEnvironmentFinancial MarketsLegal Financial Markets AuthorityClimate DisclosuresClimate Reporting EntitiesPhysical RisksGreenhouse Gas EmissionsFinancial ReportingNZ Financial Markets Authority
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FMA Issues Clearer Guidance for Sustainability-Related Financial Product Disclosures
The FMA has released updated guidance to clarify sustainability-related disclosures for financial products, helping investors make informed decisions that align with their environmental, social, or value-based objectives.
BusinessPolitics and GovernmentEconomyFinancial MarketsLegalEnvironmentSocial Issues FMAsustainabilityfinancial productsdisclosureinvestorsguidanceNZ Financial Markets Authority
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FMA Seeks Feedback on Related Party Transactions Guidance
The FMA is consulting on draft guidance for related-party transactions in Managed Investment Schemes, aiming to clarify existing laws for managers and supervisors. Feedback is due by June 12, 2026.
BusinessLaw Enforcement FMAManaged Investment SchemesRelated Party TransactionsConsultationFinancial Markets AuthorityGuidanceRegulationNZ Financial Markets Authority
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FMA Discontinues Legal Action Against Hutchison Estate in CBL IPO Case
The Financial Markets Authority has dropped its case against the Hutchison Estate in the CBL IPO matter, citing recent settlements with other parties as the reason for discontinuing the action.
BusinessLaw Enforcement FMACBL CorporationIPOLegal ProceedingEnforcementSettlementHigh CourtNZ Financial Markets Authority
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Financial Advice Sector Sees Strong Growth, Digital Services Surge
New FMA report reveals a 10% rise in financial advice providers and a 90% surge in digital advice clients, alongside challenges with data accuracy.
BusinessFinanceLaw Enforcement Financial AdviceDigital AdviceFMARegulatory ReturnsConsumer OutcomesMarket TrendsFinancial ServicesNZ Financial Markets Authority
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FMA Announces Board Appointments and Reappointments
Steven Bardy named Deputy Chairperson. Philip Doak and Alastair Hercus join the Board, Christopher Swasbrook reappointed. Prasanna Gai resigns after 2018 service.
Politics and GovernmentBusinessAustralasiaFinancial MarketsEconomyBanking Financial Markets AuthoritySteven BardyPhilip DoakAlastair HercusChristopher SwasbrookPrasanna GaiBoard AppointmentsNZ Financial Markets Authority
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FMA Warns Chance Voight Investors Amid Liquidation
The Financial Markets Authority advises Chance Voight investors to seek advice before providing further funds to Bernard Whimp or related entities, as the High Court considers liquidation.
BusinessPolitics and GovernmentLegalFinancial MarketsEconomyLaw Enforcement Financial Markets AuthorityChance VoightBernard WhimpLiquidationInvestmentRangioraNZ Financial Markets Authority
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FMA Investigates Chance Voight Investment Corporation
The Financial Markets Authority is investigating Chance Voight Investment Corporation and related entities. Interim liquidators have been appointed for six Chance Voight entities. A subsidiary acquired Patterson Wealth Partners Limited in November.
BusinessLegalFinancial MarketsBanking Financial Markets AuthorityChance Voight Investment CorporationChristchurchMalcolm HollisJohn FiskLara BennettPwC New ZealandNZ Financial Markets Authority
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Tower Faces $7 Million Penalty for Misleading Customers
Tower has been ordered to pay a $7 million penalty for misleading representations, leading to over $11 million in overcharges to customers. The FMA brought civil proceedings after Tower self-reported the issue.
BusinessLegalAustralasiaFinancial MarketsLaw Enforcement TowerFinancial Markets AuthorityFMAFinancial Markets Conduct ActFMC ActAucklandCivil ProceedingsNZ Financial Markets Authority
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FMA Releases Thematic Review on Financial Institutions' Product and Service Reviews
The Financial Markets Authority (FMA) has released a thematic review. The review focuses on financial institutions proactively reviewing products and services to identify consumer harms and promote improvements.
BusinessFinancial MarketsBankingEconomyLegal Financial Markets AuthorityFMAClare Bolingfordfinancial institutionsproduct reviewsservice reviewsLicensing and Conduct SupervisionNZ Financial Markets Authority
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EU Approves Continued Use of New Zealand Financial Benchmarks
The European Commission has recognized New Zealand's financial benchmark regulations as equivalent to the EU's, ensuring the NZ Bank Bill Rate benchmark can still be used in the EU from 2026.
BusinessPolitics and GovernmentEuropeFinancial MarketsTradeEconomyBankingLegal European CommissionFinancial Markets AuthorityNZ Bank Bill RateBKBMFinancial BenchmarkFinancial RegulationNZ Financial Markets Authority
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FMA Updates Guidance on Insider Trading
The Financial Markets Authority (FMA) has issued revised educational material on insider trading, aiming to bolster compliance within the investment sector after consulting with industry stakeholders.
BusinessLegalFinancial MarketsEconomyTradeAustralasia Financial Markets AuthorityFMAinsider tradinginvestment industryLouise Ungerinstitutional investorsTe Mana Tātai HokohokoNZ Financial Markets Authority
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New Zealand's Financial Advice Sector Sees Growth, Faces Scams and Misconduct
The FMA reports an 8.4% increase in financial advisors, totaling 9,184, and a 90% surge in digital advice usage. However, the sector is grappling with rising scams and fraudulent activities, prompting increased vigilance.
BusinessPolitics and GovernmentLegalScience & TechnologyFinancial MarketsEconomyFederal GovernmentComputers and InternetSocial Issues Financial AdviceFinancial Markets AuthorityFMAScamsFraudRegulatory ReturnsInvestmentNZ Financial Markets Authority
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FMA Grants 'No Action' Relief on Climate Reporting
The FMA has decided to provide interim relief by adopting a 'no action' approach for entities affected by climate reporting changes, pending legislative amendments.
BusinessPolitics and GovernmentEnvironmentFinancial MarketsClimate ChangeFederal GovernmentLegal Financial Markets AuthorityFMAClimate Reporting EntitiesCREsLiam MasonLegislationNZ Financial Markets Authority
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FMA Warns Finbase for Disclosure and Fair Dealing Breaches
The Financial Markets Authority (FMA) has issued a warning to Finbase for breaching the Financial Markets Conduct Act 2013. Breaches relate to Single Investment financial products and failure to comply with disclosure requirements.
BusinessPolitics and GovernmentLegalFinancial MarketsEconomyBanking FMAFinbaseFinancial Markets AuthorityFinancial Markets Conduct Act 2013Financial Markets Conduct Regulations 2014Single InvestmentHP Capital LimitedNZ Financial Markets Authority
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FMA Appoints Dr. Philip Stevens as Chief Economist
The Financial Markets Authority (FMA) welcomes Dr. Philip Stevens as Chief Economist. Stevens brings 25 years of experience to the role, and will lead the FMA’s research and data analysis efforts.
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingEmployment and Labor FMAPhilip StevensSamantha BarrassChief EconomistFinancial Markets AuthorityEconomicsNZ Financial Markets Authority
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Former Financial Advisor Sentenced for Theft
Murray McClune, a former financial advisor, has been sentenced to three years and seven months in prison for stealing $1.7 million from elderly clients. He is also banned from providing financial advice.
BusinessLegalEconomyFinancial MarketsBanking Financial Markets AuthorityMurray McCluneFinancial AdvisorTheftSentencingMargot GatlandFinancial ServicesNZ Financial Markets Authority
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IAG to Pay $19.5 Million Penalty for Widespread Failures
IAG New Zealand Limited has been penalised $19.5 million for fair dealing breaches after admitting to making false and/or misleading representations about its insurance products, affecting approximately 269,000 customers.
BusinessPolitics and GovernmentFinancial MarketsLegalEconomy IAG New Zealand LimitedFinancial Markets AuthorityLouise UngerFinancial Markets Conduct Actfair dealingpecuniary penaltyNZ Financial Markets Authority
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FMA Seeks Feedback on Ethical Investment Disclosure Guidance
The Financial Markets Authority (FMA) is consulting on updated draft guidance for financial products with ethical characteristics, aiming to improve clarity and prevent misleading disclosures.
BusinessPolitics and GovernmentEconomyFinancial MarketsTradeLegal Financial Markets AuthorityFMAethical investmentLouise UngerFinancial Conduct ReportinvestmentFinanceNZ Financial Markets Authority