FMA calls for innovation to drive financial advice uptake

Releasing the findings of its Access to Financial Advice review at the Financial Advice New Zealand (FANZ) Conference in Auckland, FMA chief executive Samantha Barrass said the review revealed a range of structural, cultural and operational barriers across the advice landscape.

One key finding was that that many providers remain uncertain about how to tailor the nature and scope of their advice, she said. “The default is to be cautious and conservative, to use the six-step advice process each and every time… making advice less accessible, not more accessible.”

Improving access to quality financial advice is not just a statutory mandate for the FMA, it is critical to New Zealanders’ long-term financial wellbeing, stressed Barrass. So if providers are limiting their advice or being overly cautious because they are worried about falling foul of the FMA’s Code of Professional Conduct that is the exact opposite of what the FMA wants, she said. “One of the messages I want you to take from today, is that we encourage you to innovate and think differently, to introduce new advice journeys that tap into consumer groups who are currently underserved.”

The FMA’s Access review, conducted from July to December 2025, included national consumer research and more than 80 interviews with licensed FAPs, financial institutions, professional bodies, technology and education providers and other organisations supporting New Zealand’s financial advice sector. Released during the FANZ conference in two separate reports (consumer and financial advice sector insights), the review highlights both the challenges consumers face and the opportunities for the financial advice sector to better meet their needs, said Barrass.