Rob Everett, Chief Executive of the FMA has provided an update on the progress on the draft exemption, indicating we can find out more in October. Also, I like that there is a defined approach to supporting innovation, and even in the absence of an exemption, or the changes proposed in the new Financial Services Legislation Amendment Bill, the FMA is approachable on this subject.
"I’d like to thank all those who responded to our recent consultation on a proposed exemption to facilitate personalised robo-advice. We had a large response to this proposal and are now considering all the feedback before finalising our policy in October.
The growth of fintech and emergence of innovative new products and services is not going to stand still, so neither should we. Our approach to robo-advice reflects our support for new platforms, markets, products and services, and the fact that, ultimately, we’re here to help markets work well and businesses succeed. We operate in a flexible financial regulatory system and have the tools to respond to what the market is doing, rather than what it might have done five years ago.
If you are developing an innovative new financial product or service, we’d love to hear from you as early as possible in the design process - this will help us to help you. You can read more about our approach to supporting innovation on our website."