I was glad to see a positive story about the FMA relationship with financial advisers. Although there must be a certain tenor to the relationship between a regulator and industry, it would be nice to think that it can have more of a community constable than a 'dawn raid' feeling to it. This piece suggests the former.
One thought to bear in mind, however, is that it suggests the FMA has a view of what financial advisers do that is somewhat different from what most financial advisers actually do. The example of explaining risks and advantages of more complex investments is telling. It is telling for what it is, and what it is not. It is not about the many products that are sold before clients become wealthy. It was specifically about investment risk. Link.