FMA’s approach and expectations for the financial sector

Financial Advice NZ’s recent Bring in the Experts webinar featured Romil Ghelani and Dhasha Ratnayaka from the FMA, speaking about their approach and expectations for the sector going forward. Katrina Shanks shared some of the important insights.

Key to note was that in the short term the FMA’s primary goal is to support and educate advisers. In future baseline expectations will be higher, but given the complexities and scope of the changes for now the FMA is aiming to be supportive as FAPs and adviser embed the new requirements into their business practices.

The FMA will undertake three types of monitoring visits – planned; responsive; and thematic. These monitoring visits will help the FMA better understand the sector and to tailor their support accordingly.

FAPs will need to file annual regulatory returns, with the first due by 30 September 2024 for the period 1 July 2023 – 30 June 2024. There’s a Bring in the Expert webinar of regulatory returns running on Apr 26, which will give advisers the opportunity to have their questions answered and find out exactly what is needed to complete the regulatory returns.

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