The Financial Markets Authority has published its first edition of FMA Financial Advisers Update which offers comprehensive information specifically for financial advice providers.
The April update, from Romil Ghelani, FMA’s Head of Financial Advice, includes insights from the authority’s first data snapshot of the financial advice sector since the new financial advice regime came into effect in March 2023. The snapshot was published in early April.
Ghelani notes he’s pleased to say that the sector is healthy. “The total number of Financial Advisers and Nominated Representatives remained strong through the regulatory changes.”
The update says the snapshot data is derived from the 2024 Financial Advice Provider regulatory returns and provides “…valuable insights into what types of products are being advised on and how customers are receiving that advice. The FMA will use this data to help shape the way we supervise and engage with the sector.”
The April update notes there were 8,472 financial advisers as at 30 June 2024, compared to 9,300 in 2021.
It points to key statistics (as of 30 June 2024):
- 1,410 licensed FAPs in NZ
- 8,472 financial advisers compared to 9,300 in 2021
- Life and health insurance are the most common financial products advice is provided on
- 36 FAPs are providing digital advice and 86,500 retail clients received digital advice that resulted in them acquiring a product
- 97% of complaints received were settled within three months
Click here to see the full snapshot of the industry and here to subscribe to the new Financial Adviser Update.