The Government has confirmed the updates to the Financial Markets Authority (FMA) levy to implement increases in the FMA’s funding, including confirming the levies that will apply for the new financial advice regime.
The Government has set new disclosure requirements to ensure that consumers seeking financial advice can make more informed decisions. It has also set the start date for the new financial advice regime as 15 March 2021.
The Government is making changes to the Financial Markets Authority’s (FMA) levy to implement an increase in its funding. The funding decision, made through Budget 2020, involves increasing the FMA’s annual operating funding over the next three years.
Consultation has opened on funding options and levies to enable the Financial Markets Authority (FMA) to regulate the new financial advice regime and respond to cost pressures within its current remit.