How we regulate financial advice

Advisers must have a licence issued by the FMA or be working for an approved business that has one.

They must also follow the Code of Professional Conduct for Financial Advice Services which outlines the standards of conduct, client care, competence, knowledge, and skill needed to provide financial advice.

They must have the right competence, knowledge and skill and able to provide information of their dealings with customers to the FMA, which collects data, and monitors compliance and outcomes through ongoing supervision.

The FMA monitors advisers and also takes enforcement action when needed. The Ministry of Business, Innovation and Employment and the Companies Office also help with oversight of the financial advice regime and the Financial Service Providers Register (FSPR).