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COVID-19

Alert Level Two and Four Update - September 2021

The FMA remains fully operational and our teams are available to assist with enquiries.  Our physical offices remain closed with our staff working from home. Please contact us through the usual channels questions@fma.govt.nz or on 0800 434 566. 

The response to the current Delta variant outbreak means that this lockdown is different to previous lockdowns.  We know industry may be facing new challenges posed by the stricter rules so please contact us if you would like our assistance or guidance on issues.

To assist industry, we are deferring some of our current work to reduce regulatory burden and allow firms to focus on their customers.  Where appropriate we will be in touch with our licensed and supervised entities to understand how they are operating and any issues they are facing.  We are open to requests for guidance or relief and encourage market participants to connect with us on how we can support industry.  To help prioritise our response, we may defer some work related to monitoring and information requests. 

While we want to assist industry to focus on customers, the FMA is committed to responding quickly if we see anyone trying to take advantage of the current situation, or instances of serious misconduct, including moving swiftly to warn the public of any investment scams.   

Financial Licensing remains open
Full licensing for financial advice providers remains open.  Our team is committed to processing your application as soon as possible.  We are available to assist you -  please contact us through the usual channels. 

KiwiSaver hardship withdrawals
KiwiSaver hardship withdrawals are designed as a ‘last resort’ and there is a process you must follow to apply.  Find out more about applying for a KiwiSaver hardship withdrawal.

Details on doing business at Alert Level 3 can be found at the COVID-19 government website.

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    9 September 2021

    ‘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’.

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

    24 August 2021

    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.

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

    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.

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