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Regulatory Updates & Media Releases

18 October 2017

Would you take financial advice from a robot?

The Financial Markets Authority (FMA) has given the green light to fast-tracking regulation that will make it legal for automated systems – aka robo-advisors -- to provide financial advice.
Under current regulations, personalised financial advice must be provided by an authorised financial adviser who must be a “natural person.” This effectively prohibits the use of online financial platforms giving such advice. Read more here.

18 October 2017 

Insurance industry raises concerns over the RBNZ being the entity to conduct a major review of the legislation it uses to regulate the sector

The insurance industry is supporting the Reserve Bank’s (RBNZ) move to improve the way it regulates the sector.
However questions are being raised around whether the Bank should be the entity conducting the review of the legislation that gives it its mandate. Read the full article here.

2 October 2017

FMA Publishes annual report for 2017

The Financial Markets Authority (FMA) published its annual report today for the financial year ending June 30 2017. This highlights two key developments for the FMA; a Government review confirming increased funding and the IMF’s Financial System Stability Assessment. To read the full report, click here.

2 October 2017

Reserve Bank of New Zealand : Annual Report 2017

The Bank has been active on many fronts. The global economy and financial markets have been challenging for monetary policy, the Bank has an intensive programme of work in respect of prudential oversight and macro-prudential policy; and it also has more major operational projects underway than in recent years. (RBNZ : Governor's statement). Click here for full report.

12 September 2017

Financial Services Council : Growing the KiwiSaver Pie

A sustainable income policy is critical for New Zealand. As the voice of the financial services industry, and recognising that it has now been ten years since KiwiSaver was launched, we commissioned this research to find out what New Zealanders want from government and the industry. Click here for the full report.

8 September 2017

Culture Conduct & Consumers

Watch this session from the Navigating Change conference in September from the panel of experts. 

8 June 2017

Encouraging Fund Choice in KiwiSaver

The FMA ran a behavioural insights trial with KiwiSaver provider Kiwi Wealth. The trial ran for seven months, from August 2016 to February 2017 and included 3,427 participants. The aim of the trial was to see if behavioural prompts increased the number of active fund choices members made. Read the full report here.

7 November 2016

Presentation by Rob Everett to to Workplace Savings 2016 Annual Conference

Why consumers get value from regulation – even though they don’t know it. The person who is never at the table but can’t be overlooked – in terms of the regulatory conversation providers Just as the consumer is not at the table when we are making regulatory decisions– the FMA as the regulator is not at the table when the consumer is making an investment decision either.

Click here for the full presentation.

20 April 2016

Using behavioural insights to improve financial capability

This white paper reflects the interest government has in understanding the best ways to improve financial capability. It aims to assist through providing insights that will serve to improve policy design and consumer protection regulation and supervision. It also challenges market participants who already use these insights in customer marketing to explore how they can make consumer choices easier and more effective when they develop and distribute products. Click here to read.