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COVID-19

The COVID-19 crisis has had a dramatic effect on the New Zealand economy, consumers and markets.

Please check back on this page for any COVID-19 updates and information from the FMA. We encourage market participants to get in touch with us if you have any suggestions or thoughts around regulatory changes or ways we can help during this difficult time.

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Found 28 results. Displaying page 1 of 2

    27 July 2020

    FAQs about our immediate priorities during the COVID-19 response and recovery

    It's not yet known how long the pandemic will continue to impact New Zealand’s financial sector. Work on our medium-term strategic priorities is ongoing, but we recognise COVID-19 poses immediate challenges and could seriously undermine consumer confidence and damage the wider sector. We will also continue to progress the medium-term strategic activities that support our statutory objective of fair, efficient and transparent financial markets.The immediate priorities in this FAQ document relate to the foreseeable three to six month timeframe. However, we also plan to publish a corporate plan later this year outlining our key areas of focus and work programme, once there is greater certainty on the impact of COVID-19 on the financial sector. Read our FAQs here.

    http://fma.cwp.govt.nz/news-and-resources/covid-19/faqs-priorities-during-covid-19/

    19 May 2020

    ‘No action’ relief as a result of COVID-19

    COVID-19 is having a significant impact on many market participants. We recognise that this may lead to practical difficulties which affect their ability to meet their regulatory obligations. Where a market participant breaches, or expects to breach, a regulatory obligation as a result of the COVID-19 circumstances and seeks relief from the FMA, the primary approach we intend to take is ‘no-action’.

    http://fma.cwp.govt.nz/news-and-resources/covid-19/no-action-relief-as-a-result-of-covid-19/

    28 April 2020

    Exemptions grant temporary relief from some reporting deadlines

    FMA has granted two class exemption notices to provide market participants with an additional two months to provide their audited financial statements and comply with certain other regulatory requirements. Due to the disruption caused by COVID-19, the FMA is taking appropriate steps to provide regulatory relief.

    http://fma.cwp.govt.nz/news-and-resources/covid-19/exemptions-grant-temporary-relief-from-some-reporting-deadlines/

    24 April 2020

    Conduct expectations in response to COVID-19

    On 17 April FMA Chief Executive Rob Everett wrote to the CEOs of the firms we license, as well as retail banks, insurers (life and general), and a range of industry associations, to acknowledge the enormous pressure being felt by the wider financial services sector and the steps they have taken to support customers during these unprecedented times. He outlined that efforts to provide wide-ranging regulatory relief are aimed at ensuring firms continue to focus on serving the needs of their customers, and his expectations on how customers (including the financially vulnerable) should be treated fairly.

    http://fma.cwp.govt.nz/news-and-resources/covid-19/conduct-expectations-in-response-to-covid-19/

    31 March 2020

    Thinking of making a KiwiSaver hardship withdrawal? Here’s what you need to know

    If you’ve lost income due to COVID-19 you’ll understandably be feeling financially stressed. You may be considering a KiwiSaver significant financial hardship withdrawal as a short term solution. The trouble is, this kind of short term relief can have an irreversible long-term impact on your retirement fund. Gillian Boyes, Manager of Investor Capability at the Financial Markets Authority has rounded up the key things you need to know.

    http://fma.cwp.govt.nz/news-and-resources/covid-19/thinking-making-kiwisaver-hardship-withdrawal/