New Zealand's Financial Market's Authority Podcasts

Who actually owns your investments? 
In this episode Jess is joined by FMA Head of Financial Advice Romil Ghelani and Director of Reporting, Markets and Investments John Horner to unpack investment ownership, custody risk and the protections around client money and assets. 
They explain the difference between market risk and custody risk, the role of an independent custodian, why investor assets are generally kept separate from a provider’s own money, and what investors can check for themselves. The conversation also covers financial advisers, share-trading platforms, KiwiSaver, crypto assets, cyber risks, scams and lessons from past fraud cases. 
You’ll learn: 
what a custodian does and why it matters 
how managed fund assets differ from money held by a bank 
what protections apply if an investment provider runs into financial difficulty 
what reports and assurances investors can ask for 
the warning signs that should prompt more questions. 
The key takeaway: understand what you own, who holds it, how it is protected and what happens if something goes wrong. If in doubt, ask questions. 
This content is general in nature and is not financial advice. Consider seeking advice about investing from a regulated financial adviser.

KiwiSaver is one of the biggest investments many New Zealanders will ever have, but how often do we stop to check whether it’s working for us?

In this episode of Occasional Conversation, FMA’s Paul Patton is joined by Emelie Jensert, Head of Investment Management, and Philip Stevens Chief Economist to unpack the FMA’s KiwiSaver Annual Report 2026. 

They discuss what the latest figures tell us about the growth of KiwiSaver, record contributions and withdrawals, first-home withdrawals, switching between funds and providers, and why member engagement matters more than ever.

Whether you’re just starting out with KiwiSaver, saving for a first home, approaching retirement, or working in the financial services sector, this episode is a useful reminder to take a moment to review your settings, understand your options and think about whether your KiwiSaver is right for where you are now and where you want to be in the future.

In this episode you will learn:

What the KiwiSaver Annual Report 2026 tells us about the scheme’s growth

Why more people are contributing, switching funds and reviewing their settings

What record first-home withdrawals and retirement withdrawals mean

How fees, fund choice and provider communication affect members

Why fraud prevention, scams awareness and operational resilience remain key priorities

Simple steps members can take to better understand their KiwiSaver

The FMA’s KiwiSaver Annual Report 2026 and related resources are available at fma.govt.nz.

In this episode, Hannah Chapman (Ngāti Tūwharetoa) references a story that has been shared with permission by Professor Rebecca Bednarek (Te Herenga Waka—Victoria University of Wellington).  The Matangirua team acknowledge Professor Bednarek for her manaaki in sharing insights from her research [National Hazards Commission, Biennial Research Grant, 4535].

The FMA has published Experiences of tangata whenua with insurances, new research exploring how Māori experience the insurance system in Aotearoa. The research found that while insurance is highly valued, barriers including affordability, trust, product suitability and accessibility can make it difficult for some tangata whenua to access and maintain cover.  

To find out more head to our website.

Join FMA Chief Executive Samantha Barrass as she shares an overview of the Financial Conduct Report (FCR) and what it means for the year ahead.
The Financial Conduct Report sets out the FMA’s regulatory priorities for the next 12 months, highlighting the key risks and opportunities we see across financial markets and how we plan to respond. It also reflects on the progress made over the past year to support better outcomes for consumers, investors and businesses. 
In this episode, Sam discusses why the FCR is an important tool for industry, providing greater transparency on our expectations and helping firms understand where we are focusing our supervision and engagement. 
She also outlines what boards, executives and leaders should be considering, and how organisations can use the insights from the report to strengthen their approach to conduct and deliver better outcomes for their customers.
Watch now for a clear overview of the FMA’s priorities and how industry can engage with us over the coming year.

Join Michael Hewes, Director of Deposit Taking, Insurance and Advice, as he discusses the risks incentives can pose to fair consumer outcomes.
Why non‑monetary benefits and sales campaigns can create conflicts of interest
What insurers need to consider under CoFI and Fair Conduct Programmes
Where the FMA is seeing gaps in incentive design, governance and oversight
Listen now for a practical overview.
Read the full paper here: Insurer benefits and campaigns insights