FMA lodges robo application number three

The FMA is accepting applications from providers who want to make use of an exemption that allows personalised roboadvice ahead of the implementation of the Financial Services Legislation Amendment Bill, which will make it legal.

Two have been granted – to Nikko Asset Management and Kiwi Wealth. The FMA said it had now received a third but would not disclose who it was from.

Kiwi Wealth is in the testing phase with its product.

Nikko Asset Management New Zealand managing director George Carter said the development of his firm’s platform was also well under way. It wants to offer roboadvice for its recently-launched KiwiSaver scheme.