The FMA is creating a pilot Financial Advice Regulatory Panel to provide industry perspectives to the authority on issues related to regulated financial advice in New Zealand.
The regulator says it will use the panel to test new ideas or approaches, seek feedback, and ask questions.
The FMA told RiskinfoNZ that panel members’ selection will be through engagement with industry associations to seek nominations. Panellists will meet three times a year and serve for a period of two years.
…this is a pilot initiative at this stage to test how it works…
It notes this is a pilot initiative at this stage to test how it works, and that it’s very early days.
For the pilot, the FMA engaged with six industry associations seeking nominations:
- Financial Advice New Zealand (FANZ)
- Insurance Brokers Association of NZ (IBANZ)
- CFA Society New Zealand (CFA)
- Financial and Mortgage Advisers Association New Zealand (FAMNZ)
- Society of Independent Financial Advisers (SIFA)
- Securities Industry Association (SIA)
The FMA says it expects the panel to contain about 10 industry representative members and to have members finalised by 30 June.