FMA says monitoring isn't an audit or investigation

“If you do get selected for responsive monitoring, we will be checking that you are complying with all the rules,” Burbery said.

“It's not an investigation or an audit. It's more of an opportunity for us to understand your business,” she said.

“We want to understand how FAPs are complying and ensuring good customer outcomes.”

Until now, much of the FMA's focus has been focused on “getting everybody licenced”, which meant achieving Level 5 of the New Zealand Certificate in Financial Services.