The FMA is undertaking a thematic review to better understand the use of artificial intelligence in financial advice across New Zealand.
In an announcement the regulator says advances in AI technologies, including generative AI, machine learning, AI-powered decision-support tools and emerging agentic AI systems, are creating new opportunities and challenges for financial advice providers, technology firms and consumers.
It notes its Access to Financial Advice in New Zealand review identified a significant opportunity for technology-enabled and hybrid advice models to expand access to advice and serve more people.
“Through this thematic review, the FMA aims to develop a practical understanding of how AI is being adopted and used in practice, the benefits and risks being observed, and any legal, operational or regulatory questions arising within the sector.”
The FMA says the thematic review is exploratory and fact-finding in nature.
…It is intended to help the FMA and industry build a shared understanding of how AI is shaping financial advice…
“It is intended to help the FMA and industry build a shared understanding of how AI is shaping financial advice and how good consumer and market outcomes can continue to be supported in an evolving technological environment.”
The authority encourages all relevant stakeholders to share their views “…and contribute to this important conversation about the future use of AI in financial advice in New Zealand.”
As part of the engagement, the FMA is seeking input through four targeted surveys for:
- Financial advice providers and advisers
- Industry associations and stakeholders
- Technology service providers
- Financial services legal advisers
The surveys are open until September 4, 2026.
The FMA says the FAP and advisers survey is for financial advice providers, advisers, prospective market entrants and firms using, developing or considering the use of AI in connection with financial advice. The survey asks about governance, oversight, suitability, record-keeping and consumer outcomes.
The survey for industry associations and stakeholders is for associations, professional bodies, consumer representatives, dispute resolution schemes and other stakeholder organisations with an interest in the financial advice sector. This survey seeks broader perspectives on AI adoption, opportunities, risks and future developments.
Click here to see the FMA’s Engagement Overview document.