The New Zealand Financial Markets Authority has published a consultation document proposing the terms of reference for a review of access to financial advice in New Zealand, aimed at understanding where consumers go for advice and identifying challenges and opportunities affecting availability. The proposal sets out four focus areas and invites input from the financial advice industry and other stakeholders, including consumer and community groups, on those areas and on additional topics or information sources. A July 2025 update notes the FMA received around 25 submissions and confirmed the original terms of reference as published in April 2025, with generally supportive feedback; suggestions to assess the impact of other regimes such as the Credit Contracts and Consumer Finance Act and Conduct of Financial Institutions were not added to scope, although the FMA said it would consider other regulatory systems when forming observations. Submissions also highlighted uncertainty about meeting obligations when making assumptions or providing less personalised information such as digital or limited-scope advice, requests for more guidance under the principles-based framework, questions about how advice obligations apply to simple products such as savings accounts or term deposits, perceived reputational risk driving a shift to information-only services, and challenges evidencing client understanding under the Financial Advice Code amid low financial literacy and limited consumer awareness of when advice could help. Feedback was invited via the FMA portal by 30 May 2025, and the confirmed focus areas will guide the review.

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