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Releases from the Minister

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    26 April 2018

    Financial Markets Authority board appointments announced

    Hon Kris Faafoi26 April 2018Commerce and Consumer Affairs Minister Kris Faafoi today announced the appointment of Professor Prasanna Gai to the Financial Markets Authority Board.“Professor Gai, who is currently Professor of Macroeconomics at the University of Auckland, has extensive international academic and high-level policy experience in financial market issues, and will add a valuable dimension to the Board’s work.”Current board member Campbel...


    10 April 2018

    Cutting fine print from financial information: public and sector urged to have their say

    Hon Kris Faafoi10 April 2018 Commerce and Consumer Affairs Minister Kris Faafoi is encouraging public feedback on proposed regulations that will make it easier for consumers to understand the whole picture when receiving financial advice.“I want consumers to make the best decisions they can during their financial planning so ensuring important information is available and easy to understand is crucial. For example, information hidden in fine print isn...


    27 March 2018

    KiwiSaver fees made clear

    Hon Kris Faafoi27 March 2018 KiwiSaver providers disclosing in dollars the total fees charged to their investors is a step forward for Kiwis towards achieving the best retirement savings, Minister for Commerce and Consumer Affairs Kris Faafoi says.“This greater KiwiSaver fees transparency is enacted from April 1 and consumers will start to see fees disclosed on their statements over the next few months. As well as providing greater clarity on what the...


    12 March 2018

    Public and sector urged to have their say on financial advice code of conduct

    Hon Kris Faafoi12 March 2018 Commerce and Consumer Affairs Minister Kris Faafoi has welcomed the beginning of public consultation on a new code of conduct for financial advice.“Consumers trust the people and institutions that provide financial advice, so it is important that financial advice is held to appropriate standards,” said Mr Faafoi.“This is one of a range of significant changes to the regulation of financial advice contained in the Financ...


    6 March 2018

    Insurance contract law review starts

    Hon Kris Faafoi6 March 2018 Commerce and Consumer Affairs Minister Kris Faafoi has today released the terms of reference for a review of New Zealand insurance contract law.“Insurance plays an important role in the lives of New Zealanders, helping people cope with unforeseen life events and providing businesses with greater certainty.“But there are significant problems with New Zealand’s insurance contract law which are undermining the effectivenes...


    9 February 2018

    KiwiSaver providers fee drop welcomed

    Hon Kris Faafoi9 February 2018Two of the nine government-appointed KiwiSaver default providers have decreased their fees in response to the review of fees charged.Minister of Commerce and Consumer Affairs Hon Kris Faafoi says that while seven of the nine default providers did not wish to make any change to fees, he was pleased to see both ANZ and Kiwibank decrease fees. This would lead to an estimated $1million in fee savings for KiwSaver members over t...


    7 December 2017

    Financial advice Bill puts Kiwis needs first

    Hon Kris Faafoi7 December 2017Commerce and Consumer Affairs Minister Kris Faafoi says the first reading of the Financial Services Legislation Amendment Bill in Parliament today is the first step in a significant package of changes to ensure all Kiwis can get good quality financial advice based on their individual needs.  The Bill will require all providers of financial advice to operate to strong, clear standards and ensure transparency around commissi...


    21 June 2017

    Group appointed to develop new code of conduct for financial advice

    Hon Jacqui Dean12 June 2017 Nine people have been appointed to a working group to develop the new code of conduct for financial advice, Commerce and Consumer Affairs Minister Jacqui Dean announced today. “The new code of conduct will be wider in scope than the existing code and will set standards of competence, conduct and client-care for the whole financial advice industry,” Ms Dean says. “This change in scope is part of the review of the Financia...


    19 June 2017

    Elizabeth Longworth appointed as new FMA Board member

    Hon Jacqui Dean19 June 2017 Commerce and Consumer Affairs Minister Jacqui Dean has today announced the appointment of Elizabeth Longworth to the Financial Markets Authority. “I am pleased to confirm Ms Longworth’s appointment to the FMA for a term of three years,” Ms Dean says. “Ms Longworth brings to the FMA strong international policy and regulatory experience, as well as valuable governance and legal experience. “I would like to acknowledge...


    15 June 2017

    Lower cost option for sending annual reports

    Hon Jacqui Dean15 June 2017 Listed companies and other financial markets businesses will now have alternative options for sending annual reports, saving them money and time, says Commerce and Consumer Affairs Minister Jacqui Dean. “Cabinet has agreed to changes to the Financial Markets Conduct Regulations 2014 which will allow ‘FMC reporting entities’ to reduce the number of annual reports they send,” Ms Dean says. “This will result in time and...


    7 June 2017

    Government response to review of retirement income policies

    Hon Jacqui Dean7 June 2017 The Government has today released its response to the Retirement Commissioner’s review on retirement income policies, Commerce and Consumer Affairs Minister Jacqui Dean says. “Earlier this year the Government announced key changes to superannuation settings which are in line with the Commissioner’s recommendation,” Ms Dean says. “The review also addressed other key areas including KiwiSaver settings, the ageing workf...


    2 June 2017

    Reappointment to Financial Advisers Disciplinary Committee

    Hon Jacqui Dean2 June 2017 Commerce and Consumer Affairs Minister Jacqui Dean today announced the reappointment of Tracey Berry as a member of the Financial Advisers Disciplinary Committee for a term of five years. “Ms Berry was appointed to the disciplinary committee in December 2010. Ms Berry brings to the role more than 20 years’ experience in financial services, specialising in wealth management, regulatory affairs, compliance and distribution,...


    29 May 2017

    Increased investor confidence welcomed

    Hon Jacqui Dean29 May 2017 Commerce and Consumer Affairs Minister Jacqui Dean today welcomed the Financial Markets Authority annual survey results which shows confidence in New Zealand’s financial markets rose nine per cent in 2016. “Investor confidence has shown a strong increase since last year. This follows significant reforms by the Government of the investment regulatory landscape,” Ms Dean says. “The Financial Markets Conduct Act, which cam...


    25 May 2017

    $10.2m to improve financial capability of young New Zealanders

    Hon Jacqui Dean25 May 2017 Budget 2017 is investing $10.2 million of operating funding over the next four years for initiatives to improve the financial capability of young New Zealanders, Commerce and Consumer Affairs Minister Jacqui Dean says. “This additional funding confirms our commitment to helping young New Zealanders to better manage their finances, as was signalled in the 2015 Government statement on building financial capability,” Ms Dean...


    8 March 2017

    Minister welcomes FMA guidance on KiwiSaver

    Hon Jacqui Dean8 March 2017 Commerce and Consumer Affairs Minister Jacqui Dean today welcomed the release of FMA guidance intended to make basic advice about KiwiSaver available to more New Zealanders.  “Some of the most important financial decisions kiwis make are joining KiwiSaver, and working out what type of fund to invest in,” says Ms Dean  “The guidance makes it clear that a lot of simple advice about KiwiSaver falls within the category of...


    17 February 2017

    Release of Draft Bill for new financial advice legislation

    Hon Jacqui Dean17 February 2017 Commerce and Consumer Affairs Minister Jacqui Dean has released an exposure draft of the Bill that will amend the regulation of financial advice in New Zealand. “The current regulation of financial advice is seen to be overly complex and has imposed regulatory barriers that are preventing people from receiving the advice they need,’ Ms Dean says. “Last July the Government announced the overarching design of an amend...


    18 November 2016

    KiwiSaver myth-busting roadshow begins

    Paul Goldsmith18 November 2016 Commerce and Consumer Affairs Minister Paul Goldsmith launched the KiwiSaver Myth-Busting Roadshow, run by Commission for Financial Capability (CFFC), in Gisborne today. “For many New Zealanders their point of contact with financial markets is KiwiSaver. It is vital that people have access to accurate information so that they can get the most out of it,” says Mr Goldsmith. “The roadshow is about helping all New Zealan...


    3 November 2016

    Funding boost for FMA and Companies Office

    Paul Goldsmith3 November 2016 Commerce and Consumer Affairs Minister Paul Goldsmith has today announced the government’s approval to increase funding for the Financial Markets Authority (FMA) and the Companies Office. “The increased funding will help these organisations maintain a well-regulated business environment for New Zealanders. “The FMA will get an additional $9.8 million per year and the Companies Office, an additional $5.3 million per yea...


    1 November 2016

    Changes to Financial Markets Conduct Act

    Paul Goldsmith1 November 2016 Commerce and Consumer Affairs Minister Paul Goldsmith has today announced the approval of a number of changes to the financial markets conduct regime. “The Financial Markets Conduct Act 2013 and associated regulations came into effect on 1 December 2014 and industry participants were given a two year transition period to become fully compliant and licensed,” says Mr Goldsmith. “As we move towards the 1 December 2016 de...


    5 October 2016

    Transparency coming for KiwiSaver fees

    Paul Goldsmith5 October 2016 The Financial Markets Authority’s (FMA) KiwiSaver Annual report, tabled in Parliament today, provides a comprehensive snapshot of KiwiSaver engagement says Minister for Commerce and Consumer Affairs Paul Goldsmith. “The report shows growth in people using KiwiSaver to help save for their first home and a continued increase in KiwiSaver membership. For the first time, the number of New Zealanders transferring between schem...