The New Zealand Financial Markets Authority (FMA) has announced a review of access to financial advice, aimed at understanding opportunities and challenges in improving consumer accessibility and informing a more forward-looking, risk-based regulatory focus. Alongside the review, it published new analysis from its end-2024 regulatory returns questionnaire for the financial advice sector. The access to advice review will cover four themes: consumer preferences and demographics, industry business models, digital advice and innovation, and ease of provision of financial advice. Separately, the FMA signalled additional work to deepen its understanding of financial advice provider (FAP) business models, linking this to identifying emerging risks around fair treatment, suitability and integrity. The regulatory returns snapshot for 1 July 2023 to 30 June 2024 reported 1,410 licensed FAPs submitting returns and 8,472 financial advisers (down from 9,300 in 2021); life and health insurance as the most common advice areas; 36 FAPs providing digital advice to 86,500 retail clients; and 97% of complaints settled within three months. Feedback on the draft terms of reference for the access to advice review is open until 30 May.
New Zealand Financial Markets Authority 2025-04-02
New Zealand Financial Markets Authority opens consultation on access to financial advice review and releases financial advice provider returns snapshot
The New Zealand Financial Markets Authority announced a review of access to financial advice to enhance consumer accessibility and inform a risk-based regulatory approach, alongside publishing analysis from its 2024 regulatory returns questionnaire. The review will explore consumer preferences, industry models, digital advice, and ease of provision, with feedback on draft terms open until 30 May.