1 Comment 1 Commentby Susan Edmunds
It has updated the consumer section of its website with new resources that focus on explaining some of the complex and potentially riskier products on the market, including foreign exchange trading and hybrid bonds.
Information on how to get financial advice and what to expect from an adviser has been updated.
Paul Gregory, director investor capability at the FMA, said: "We have made it clear that assisting investor decision making is a strategic priority for the FMA. Improving the quality and depth of information on our website, to help consumers build their knowledge, is an important part of that.”
FMA research shows that the majority of consumers and potential investors have never spoken to a financial adviser, but they are hungry for information that will help them make more informed decisions. “We know that people want access to free and independent resources that will help them become more confident about deciding what to do with their money,” Gregory said.
The resources are designed to give people a quick, digestible summary of each topic, then help them understand what extra information they would need to find.
Gregory said the FMA and advisers had a common goal, for consumers to be equipped to have conversations with their providers about the products that could be suitable for them.
He said advisers could benefit from having the resources ready to point their clients to when they needed them.
"If financial advisers find them helpful it would be a good proof point of the value for us."
Gregory said the FMA was working on more resources to help boost investor capability.
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Us mug punters are certainly hungry for advice. We do, however, find the 'percentage-of-funds-under-management' charging regime distinctly UN-appetizing.