With the release of its annual report for the year ending June 30 2014, the Financial Markets Authority (FMA) has summarised its work for the past 12 months. This organisation is very important for anyone involved in property investment, as this industry body makes sure people like Authorised Financial Advisers (AFAs) are getting you, the client, the right advice and aren't leading astray.
Here at Goodlife, we work under the FMA regulations – and as AFAs, we are qualified to advise you on this kind of investment and financial planning. But who else does the FMA look at? Its regulatory sphere is going to expand at the start of December to include many other groups that were previously left out. Let's take a look at a couple of these.
Here, the FMA monitors and investigates issuers of superannuation, investment life insurance and some types of securities. It will also keep an eye on the New Zealand Stock Exchange, including debt markets, and even the Fonterra market!
In this area, the FMA will look at superannuation and Kiwisaver schemes, and make sure everything is financially sound. These can be crucial aspects for creating your financial independence later in life, so it is great to have the FMA watching over these funds!
That's us! Under the intermediaries section of the FMA's regulation are advisers in qualifying financial entities, Registered Financial Advisers and we, the AFAs. The FMA makes sure our practices are sound and we don't let you be irresponsible with your funds.
The New Zealand Herald also reported on November 24 that in the four years to June 2014, the FMA has declined only four applications from people to become an AFA. This bodes well for the quality of investment advice that you can receive when you engage someone like us to move towards great financial returns.