Preparing for an FMA Monitoring Visit – Key Takeaways

Partners Life hosted a webinar for advisers earlier this month which featured well-known Auckland adviser, Katrina Church (Insurance People), who shared her insights following an FMA monitoring visit.

According to the insurer, over 200 financial advisers and industry professionals joined the session to hear firsthand about the regulator’s three-day monitoring visit of Church’s business.

While the webinar itself was conducted earlier this month, a video was released this week with the event now converted into a formal course available via the Partners Life Academy, offering advisers the opportunity to access key learnings from the FMA’s visit.

With thanks to Partners Life, the following report summarises what was shared during the webinar and, importantly, the key takeaways from the FMA’s visit to the Insurance People advice business:

What Happened During the Webinar?

Church detailed her experience of receiving notification from the FMA and navigating the subsequent monitoring visit. The process began with an email notification followed by a formal letter outlining what information needed to be submitted within 10 working days, although extensions were possible with proper justification.

She outlined the types of data requested by the FMA, including:

• A list of all clients who received advice in the last 24 months
• Policies, procedures, compliance templates, and internal reviews
• Complaints or dissatisfaction registers
• Business model and remuneration structures
• File notes and client communications for selected cases

Church emphasised that while the timeline was tight, preparation in advance can make a significant difference, particularly in the following areas:

Comprehensive Documentation

One of the most important lessons was the need for comprehensive documentation. Advisers must ensure every interaction, recommendation, and decision-making step is clearly recorded. “They’re not just looking at what you did,” Church said, “…but how and why you did it.”

Conflicts of Interest

Another crucial area was managing conflicts of interest, particularly around product recommendations and remuneration models. Advisers were reminded to document how these conflicts are identified, managed, and disclosed to clients.

File Reviews

Church also highlighted the importance of file reviews, both internal and external, as part of a robust compliance framework. She noted that many firms only conduct file reviews long after the fact — often missing opportunities to catch issues early.

Complaints Register

The complaints register was another focus area. Church encouraged advisers to maintain a “dissatisfaction register” that captures all client concerns, even those not formally classified as complaints. This helps demonstrate proactive problem-solving and continuous improvement.

During the visit itself, Church described the FMA representatives as professional yet personable. The onsite visit included interviews with key team members and a review of policies, processes, and client files.

At the end of the process, Church’s firm received no high-risk findings, several medium and low-level feedback points, and valuable suggestions for improvement.

Moving Forward

Since the visit, Church has implemented new tools to help streamline compliance readiness, including:

• An appointments register to track all client interactions and outcomes
• Enhanced operations manuals updated quarterly
• Improved claims tracking systems to showcase adviser value during claims support
• A more structured business replacement register to justify changes made to client policies

Final Thoughts

Church concluded by encouraging advisers to embrace the FMA process as an opportunity to improve business practices.

“This was a stressful but incredibly valuable experience,” she said. “It gave us confidence in our systems and leadership style.”

The full webinar recording is now available as a self-paced course via the Partners Life Academy platform, providing advisers with practical guidance on preparing for future FMA visits.