Consultation has opened on funding options and levies to enable the Financial Markets Authority (FMA) to regulate the new financial advice regime and to respond to cost pressures within its current remit.

Consultation closes on 28 February 2020. MBIE and the FMA are seeking written submissions and proposals raised in a public discussion paper.

MBIE's Manager Financial Markets Sharon Corbett says the FMA's funding was last reviewed in 2016 and its remit has broadened since.

Ms Corbett says the FMA’s widening remit includes preparation for the new financial advice regime, which will improve access to high-quality financial advice for all New Zealanders and comes into effect in June 2020.