The New Zealand Financial Markets Authority has published the findings of its Access to Financial Advice Review, combining consumer research and extensive engagement with the financial advice sector, and signalled further work with financial advice providers to identify practical ways to improve accessibility while supporting innovation and consumer outcomes. Consumer research found 28% of New Zealanders accessed financial advice in the past 12 months, with people from lower socio-economic backgrounds and some ethnic groups, including Māori and Pasifika communities, under-represented. Key barriers included perceived affordability (31%) and not knowing where to start (26%), alongside uncertainty about what financial advice is and what it costs. Sector engagement highlighted structural, cultural and operational constraints, including conservative interpretations of a principles-based regime that can lead to overly broad scoped advice, limited availability of ongoing reviews, conservative bank approaches to advice on everyday products, and a gap in advice to support retirement decumulation. The review also pointed to opportunities in technology-enabled and hybrid advice models, including AI-supported processes, and in open banking to improve data-driven advice delivery. Next steps include targeted roundtables with financial advice providers, professional bodies, deposit takers, insurers, fintech providers, education providers and consumer groups, with an emphasis on developing and sharing practical use cases for proportionate, right-sized advice. The FMA also plans a thematic review of the use of AI in financial advice.
New Zealand Financial Markets Authority 2026-03-25
New Zealand Financial Markets Authority publishes access to financial advice review and plans sector engagement after finding only 28% used an adviser
The New Zealand Financial Markets Authority released findings from its Access to Financial Advice Review, highlighting barriers such as affordability and awareness, particularly affecting lower socio-economic and ethnic groups. The review identified structural and operational constraints in the sector and opportunities in technology-enabled advice models. The FMA plans further engagement with stakeholders and a thematic review of AI use in financial advice.