New Zealand's FMA identifies gaps in financial advice sector compliance with new regulations.
New Zealand's Financial Markets Authority (FMA) has published its first monitoring report on the country's financial advice sector, revealing that licensed providers have made progress in adapting to the new regulatory requirements since 2021. However, the FMA identified gaps in areas such as demonstrating suitable advice, comprehensive disclosures, and implementing proportionate oversight. The FMA will continue to engage with the financial advice sector to address these issues and ensure providers prioritize client interests.
May 29, 2024
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