FMA chief executive Sean Hughes told Good Returns the watchdog had already started a surveillance campaign, and outlined some of the priorities for the regulator.

He said one area of particular interest was money lenders and credit providers, "particularly those who are offering short term, high interest credit on what could be seen as disadvantageous terms."

"That is an area where we are currently working with one of our regulatory colleagues to address," he said.

Hughes also said the watchdog would focus on unregistered advisers that continued to provide advice, registered financial advisers (RFAs) offering advice on complex, investment products and QFE staff.

"Employees of QFEs who had not received sufficient training or who are not being adequately supervised - but are nevertheless giving financial advice to customers of that QFE - or worse still, to non-customers of the QFE, we would see that as outside the perimeter."

Citing the previous action the FMA had taken over KiwiSaver sales practices, Hughes said the retirement savings scheme would remain a focus due to its integral role in New Zealander's retirement saving.

He said the FMA would be interested in the quality of advice new entrants to the scheme receive as well as ongoing advice around issues such as switching, asset allocations and partial withdrawals.

Another aspect involving KiwiSaver Hughes said the FMA would focus on was the danger - as balances grow - of pension mis-selling.

"When I was working in Australia there were a number of issues involving illegal early access to superannuation funds, using unregulated financial intermediaries. A number of these intermediaries charged quite extraordinary commissions or fees to enable low income or disadvantaged people to try to get access to their superannuation funds," he said.

"We just want to be absolutely sure that we're vigilant about it."