FSC Get in Shape Conference

The FSC Get in Shape Conference is just around the corner and we thought it was a good time to highlight what to expect if attending. The conferences will be held in Wellington, Auckland, Christchurch and Dunedin. The FSC has ensured relevant topics are discussed by industry leaders in the sessions and Masterclass. Highlights of the conference include:

  • Meet and engage with the leaders shaping our sector and regulatory landscape. These include Leaders from the MBIE, the FMA, the CFFC and the financial advisory sector.
  • Consumer focus - We will unpack the latest research from across the NZ and the globe  and understand how Financial Advice is helping Kiwis lead better lives.
  • Engage with Leading legal minds at the Masterclass - The masterclass is curated by those that understand what it really means to succeed under the new regulation. Our line up of legal experts and leading advisers will be run in a practical workshop style to have you thinking outside the box and teach you how to best use resources available to you.
  • Connect  and network with your colleagues - After a very tough 2020, join your colleagues for a morning of learning, engaging and getting inspired for the year ahead.
  •  Meet  you in the market place – Once again our marketplace expo is the meeting place to connect with your suppliers and partners.
  • CPD -  Get your CPD & learning program off to a strong start for 2021. All sessions will be assessed and all attendees will receive CPD certificates for sessions attended. 

Those interested in attending can register here and find the dates and location below.

Wednesday, 10 February 2021
Arrival from 7:15am, welcome at 8:00am, advice summit close 12:45 followed by Masterclass from 1.15pm until 3.15pm

Members Gallery
Sky Stadium
105 Waterloo Quay
Wellington 6140

Thursday, 11 February 2021
Arrival from 7:15am, welcome at 8:00am, advice summit close 12:45 followed by Masterclass from 1.15pm until 3.15pm

North Level 5 Lounge
Eden Park Function Centre
10 Reimers Ave
Auckland 1024

Wednesday, 17 February 2021
Arrival from 7:15am, welcome at 8:00am, advice summit close 12:45 followed by Masterclass from 1.15pm until 3.15pm

Tait Technology Centre
245 Wooldridge Road
Christchurch 8051

Thursday, 18 February 2019
Arrival from 10:00am, welcome at 10:30am, close 3.00pm followed by Masterclass from 3.15pm until 5.15pm

Dunedin Centre
1 Harrop Street
Dunedin 9016

Get In Shape 2021 Big Banner v1 - Financial Services Council

Legal and regulatory update for the life and health insurance sector

10 Jan 2020 – RBNZ announced that it is responding with urgency to a breach of one of its data systems. A third-party file sharing service used by the Bank to share and store some sensitive information, has been illegally accessed. https://www.rbnz.govt.nz/news/2021/01/reserve-bank-responding-to-illegal-breach-of-data-system

6 Jan 2021 – Police Financial Intelligence Unit released the November 2020 Suspicious Activity Report. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-nov-2020.pdf

Legal and regulatory update for the life and health insurance sector

23 Dec 2020 - The Commerce Commission released its updated Authorisation Guidelines that explain its approach to assessing applications to authorise agreements or mergers in the public interest. https://comcom.govt.nz/news-and-media/media-releases/2020/commission-publishes-revised-authorisation-guidelines-and-application-forms

23 Dec 2020 – The Open Government Partnership released Progress reports for Third National Action Plan and Meeting Papers. https://ogp.org.nz/latest-news/progress-reports-for-third-national-action-plan-and-meeting-papers/

22 Dec 2020 – Courtesy of Dentons Kensington Swan, note the release of the following regulations and other information during this month, in addition to those items included in the FMA update or the MBIE release on 17 Dec 2020:

  • Financial Markets Conduct (Fees) Amendment Regulations 2020
  • Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act Commencement Order 2020
  • Financial Markets Conduct (Licensing of Administrators of Financial Benchmarks) Amendment Regulations 2020
  • Financial Markets Conduct (Overseas Providers of Custodial Services – Assurance Engagement) Exemption Notice 2020
  • Financial Markets Conduct (Australian Licensees) Exemption Notice 2020

22 Dec 2020 – Courtesy of Dentons Kensington Swan, note the submission opportunities closing at the start of 2021 as follows:

Ministry of Business, Innovation and Employment:

  • Updating the Responsible Lending Code – submissions close 15 January 2021, 5pm.
  • Regulating to reduce merchant service fees – submissions close 19 February 2021, 10am.

Reserve Bank of New Zealand:

  • Review of the Insurance (Prudential Supervision) Act 2010 (scope of the Act and treatment of overseas insurers) – submissions close 18 February 2021.
  • Review of the Insurance Solvency Standards – submissions close 18 February 2021.
  • Reinstating Loan-to-Value Ratio restrictions – submissions close 22 January 2021.

Financial Markets Authority:

  • Proposed guidance on advertising offers – submissions close 16 February 2021.


  • Reserve Bank of New Zealand Bill – submissions close 4 February 2021.

Legal and regulatory update for the life and health insurance sector

16 Dec 2020 – The FMA published its Annual Report for the year ended June 2020. https://www.fma.govt.nz/news-and-resources/media-releases/fma-publishes-2020-annual-report/

17 Dec 2020 – FMA released its latest regular monthly update, which included advice of two consultations expected to commence in the first quarter of 2021, being:

  • Review of the Wholesale Investor $750,000 Minimum Investment Exclusion Exemption Notice 
  • Potential exemption relief for restricted schemes from certain disclosure requirements

The FMA also advised in the update of the publication of two information sheets as follows:

Further FMA guidance identified as published on the FMA website during Dec 2020 includes:

17 Dec 2020 – MBIE advised of the publication of various regulations to support the Financial Services Legislation Amendment Act 2019 and other recent legislation changes, including:

• replacing terminology from the Financial Advisers Act 2008, such as references to “category 2” financial products and authorised financial advisers. Note:
The existing treatment under the Financial Markets Conduct Regulations 2014 in relation to category 2 products (for example in relation to whether a PDS needs to be given) is preserved.
Transitional provisions have been included to give affected providers time to update documents that refer to “authorised financial advisers” and “financial advisers”;
• carrying over the effect of the Financial Advisers (Custodians of FMCA Financial Products) Regulations 2014 with some updates and clarifications;
• prescribing limited circumstances in which client money and firm money can be held together, to reflect the effect of existing FMA exemptions for NZX brokers and Non-NZX brokers;
• prescribing when firm money that is held together with client money is to be treated as client money;
• prescribing the statement that lenders can give to make clear to consumers that the limited exclusion from the financial advice regime relating to lender responsibilities applies;
• prescribing requirements for the record of nominated representatives that must be maintained by providers;
• requiring AFAs and QFEs that continue operating in the industry to retain records that were required to be held under the Financial Advisers Act 2008;
• carrying over exemptions contained in regulations under the Financial Advisers Act 2008;
• updating a cross-reference in the financial advice disclosure regulations so that financial advice providers are able to refer to their website when disclosing information about their legal duties;
• enabling financial advice providers to provide contingency DIMS without being subject to DIMS licensing requirements. This carries over and updates an existing licensing exemption for contingency DIMS provided by authorised financial advisers. The regulations also include transitional arrangements where an authorised financial adviser named in a contingency DIMS investment authority is engaged by a financial advice provider;
as well as the following in relation to financial products more generally:
• providing that certain provisions of the Trusts Act 2019 do not apply to PIE call fund unit trusts and PIE term fund unit trusts;
• updating the disclosure information that must be given by managed investment schemes to reflect changes in the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 relating to tax refundability.

17 Dec 2020 – Privacy Commissioner released the December version of Privacy News, which included information on the release on 8 Dec 2020 of guidance to Ministers and departments to help them determine when personal information can be disclosed to a Minister by a government department. https://privacy.org.nz/publications/guidance-resources/guidance-to-ministers-and-government-departments/

Legal and regulatory update for the life and health insurance sector

4 Dec 2020 - Law Commission issued a consultation seeking views on whether New Zealand should have class actions and litigation funding, with submissions closing on 11 March 2021.


4 Dec 2020 – MBIE advised that, as a result of recent changes to the legislation and regulation, the current Responsible Lending Code needs to be updated. A consultation has been opened on the draft updated Responsible Lending Code, with submissions closing on 15 January 2021.


Legal and regulatory update for the life and health sector

1 Dec 2020 - The Government announced the extension of the Business Debt Hibernation (BDH) scheme by 10 months to 31 October 2021, introduced earlier this year as part of temporary relief measures aimed at helping businesses cope with the economic impacts of COVID-19. https://www.beehive.govt.nz/release/government-extends-business-debt-relief-october-2021

2 Dec 2020 – Minister of Commerce and Consumer Affairs announced new rules to protect Kiwis from unaffordable loans in the form of the Credit Contracts and Consumer Finance (Lender Inquiries into Suitability and Affordability) Amendment Regulations 2020, coming into force on 1 Oct 2021. https://www.beehive.govt.nz/release/new-rules-protect-kiwis-unaffordable-loans

1 Dec 2020 – Privacy Commissioner issued a reminder that the Privacy Act 2020 came into force on this date.

Update to reference standards for Financial Advice Providers

Following the release today by the FMA of the final Classes and standard licence conditions for Financial Advice Providers, we have updated our pack of 'reference standards' for a licensed FAP. This document brings together in a single handy reference a summary of the different laws, regulations, and guidance, applicable to operating a Financial Advice Provider. Clients using us for governance, risk, and compliance work will receive a copy of the updated reference standards guide. Contact us if you would like to receive one. 

The main change at this point is the replacement of the consultation material on classes and standard conditions for a FAP licence with material extracted from the two new FMA documents covering:

  • Classes of licence
  • Final standard conditions for a FAP licence

The reference standards document is still incomplete and will remain incomplete until the FMA releases two outstanding documents as follows:

  • FMA License Guide for Financial Advice Providers (expected this month)
  • Annual Regulatory Reporting Requirements (still to be consulted upon next year)

Legal and regulatory update for the life and health insurance sector

4 Nov 2020 – FMA announced the appointment of two new specialist roles focused on deepening the regulator’s expertise in two evolving and important sectors: financial technology (FinTech) and environmental, social and corporate governance (ESG) impacts on financial markets. https://www.fma.govt.nz/news-and-resources/media-releases/fma-appoints-specialist-roles-in-fintech-and-integrated-financial-system/

5 Nov 2020 – In the latest e-mailed FMA Update, the FMA advised that:

  • The Financial Advice Provider Full Licence Application Guide will be released on the FMA website this month, with Financial Advice New Zealand hosting a launch event, which will be livestreamed nationwide from Christchurch.
  • The FMA intends to seek submissions from the public this month on a draft guidance note on advertising offers of financial products, with submissions expected to close mid-February 2021.

5 Nov 2020 – Commerce Commission released its Complaints Snapshot for 2019-2020, with an associated media release noting the increase in travel related complaints, with telecommunications complaints still featuring strongly. https://comcom.govt.nz/business/consumer-reports/complaints-snapshot-201920

Which advisers will win the future?

Which advisers will win the future is my latest piece at goodreturns - see this link. This also reminded me to mention the value of a special kind of insurance advisers can buy against the risk that their preferred employer might not hire them on the terms that they like, and they need to practice as an independent financial adviser on March 16 next year - so do check that one out too. 

Legal and regulatory update for the life and health insurance sector

27 Oct 2020 – Takeovers Panel extended COVID-19 class exemptions for capital raising from 31 Oct to 31 Dec 2020. https://www.takeovers.govt.nz/about-the-panel/news/covid-19-class-exemptions-for-capital-raising-extended/

27 Oct 2020 – Privacy Commissioner posted information on the website that, from 1 December, businesses and organisations that send personal information overseas will need to comply with new privacy Principle 12 in the Privacy Act 2020, which adds new controls on the disclosure of personal information to overseas organisations and businesses. https://www.privacy.org.nz/news-and-publications/statements-media-releases/new-principle-for-disclosing-personal-information-overseas/