A quick look at the latest in financial regulation in New Zealand, with experts from the Financial Markets Authority – Te Mana Tātai Hokohoko.
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#8 KiwiSaver Annual Report 2023
In this episode, we look at the latest KiwiSaver Annual Report, with John Horner, Director of Markets, Investors and Reporting at the FMA.The FMA’s latest KiwiSaver Annual Report shows that KiwiSaver has held firm through a continuing period of market volatility. Total funds in KiwiSaver have grown again this year, by $4 billion, due to contributions of $10.5bn from members, employers, and government.This growth in total KiwiSaver funds is despite $1.9bn in investment losses at the March year end, the fourth time total investment returns have gone backwards in the scheme’s 16-year history. This points to the importance of ongoing contributions from investors, employers and the Government in building long-term retirement savings.We talk with John about what’s happening with KiwiSaver fees, withdrawals by over 65s and what impact volatile world markets have had on KiwiSaver investor behaviour.You can read the latest KiwiSaver report here.More on KiwiSaver here.Checking your KiwiSaver statement – Own your tomorrowTo find out more about the different types of KiwiSaver funds, see our Spotlight on Funds series:KiwiSaver Default FundsSpotlight on Balanced FundsSpotlight on Conservative FundsSpotlight on Growth Funds
22/09/2023
5:24
#7 Phony investment scams and how to protect yourself
Today we’re looking at scams – particularly those investment scams that have led to Kiwis losing a lot of money – we’re talking retirement savings, house deposits and hard-earned savings being stolen by overseas criminals. We’re speaking to Sam McGuire, the FMA’s Regulatory Services manager. She sees a lot of the scam complaints that come in and she’s got some good advice for keeping safe. Check out the FMA’s Warning and Alerts page here: https://www.fma.govt.nz/library/warnings-and-alerts/ Sign up for regular updates on scams, warnings and alerts here: https://www.fma.govt.nz/subscribe-to-fma-news-and-alerts/ And the FMA’s main scams page here: https://www.fma.govt.nz/scams/
30/08/2023
6:14
#6 Financial Advice Providers
Today we discuss the licensing of Financial Advice Providers (FAPs) with the FMA’s Michael Hewes. From March 17, 2023 all financial advice providers (FAPs) must hold or operate under a full licence from the FMA if they want to provide regulated financial advice to retail clients. With full licensing now in effect, this will continue to give Kiwis greater confidence in consistent standards across the financial advice industry. The value of quality financial advice is particularly relevant in the current environment, when many New Zealanders are navigating challenging financial decisions. This follows a two-year transition period, since 15 March 2021, during which they were allowed to operate under a transitional licence. Featuring FMA Director of Deposit Taking, Insurance and Advice, Michael Hewes. See: https://www.fma.govt.nz/business/services/financial-advice-provider/ Financial advice regulatory regime - now in full effect https://www.fma.govt.nz/news/all-releases/media-releases/financial-advice-regulatory-regime-now-in-full-effect/ Sign up for the monthly FMA Update on the FMA subscription checklist: https://www.fma.govt.nz/subscribe-to-fma-news-and-alerts/
26/04/2023
4:10
#5 Climate-related disclosures
Today we discuss New Zealand’s new climate-related disclosures regime with the FMA’s Jenika Phipps. Organisations covered (known as Climate Reporting Entities or CREs) will soon have to make annual disclosures covering governance arrangements, risk management, strategies and metrics and targets for mitigating and adapting to climate change impacts. This applies to the larger publicly listed companies, big insurers, banks, non-bank deposit takers and investment managers. The FMA is responsible for independent monitoring and enforcement of the regime, providing guidance about compliance expectations, and reporting on monitoring activities and findings. We talk about who is covered by the regime, what’s happening around the world and what business should start thinking about as the new rules come into force this year. Featuring FMA Manager of climate-related disclosures Jenika Phipps. See: https://www.fma.govt.nz/business/focus-areas/ethical-finance/climate-related-disclosures/ Report: Climate-related disclosures: Initial monitoring approach for record keeping https://www.fma.govt.nz/assets/Information-sheets/Climate-related-disclosure-Record-keeping-initial-monitoring-approach.pdf Sign up for climate-related disclosure news and updates by selecting Climate Reporting Entity (CRE) information on the FMA subscription checklist: https://www.fma.govt.nz/subscribe-to-fma-news-and-alerts/
7/02/2023
5:12
#4 Wholesale property investments report
FMA Director of Capital Markets Paul Gregory discusses the FMA’s recently-published review of the wholesale property investment sector, which led to the FMA issuing formal warnings to several entities.He explains why the FMA conducted the review and what the major findings were, particularly in relation to some firms using deficient eligible investor certificates. Mr Gregory says the report and warnings have put the industry on notice and the FMA has reinforced its expectations about what firms need to be doing to comply.See:Media release: FMA formally warns wholesale property investment firms after discovering non-compliant practicesReport: Thematic review of use of the wholesale investor exclusion