Email: Password:
Forgot Password

News Archive

Back to List Back to list
Previous Article Next Article

Consultation on Robo-advice

16 Nov 2017

In October the FMA decided to grant an exemption to enable the provision of personalised digital (robo) advice. They are now consulting on the draft exemption notice and application documents.

They are seeking feedback on:

  • the draft exemption notice
  • the draft information sheet- that explains the exemption notice, including providing guidance on the exemption conditions
  • the draft application documents – an application form, ‘good character’ declaration form, and application guide. The application guide sets out; the minimum standards applicants will need to show they meet, all the questions in the application form, our comments about these.

The exemption will allow personalised robo-advice to be provided under the current financial advice regime, promoting innovation and improving consumer access.  Providers will need to apply to the FMA to rely on the exemption.

Included under the exemption are general and personal insurance products. 

The exemption will be subject to conditions relating to:

  • disclosure
  • compliance with the code of professional conduct
  • record-keeping
  • notifying the FMA of a material change in circumstances.
FMA aim to finalise the exemption and be open for applications in early 2018.  The exemption will be revoked once the new financial advice regime comes into effect in 2019.


The consultation documents are available HERE



Previous Article Next Article


Professional IQ

Professional IQ College

Workshops, Online courses, webinars and Qualifications. For upcoming events         click here

Latest Papers:

Closing the Gap - Insuring your business against evolving cyber threats

iNavigator iNavigator Media Center
Provides access to a wide range of industry related media resources

Covernote Cover Note
IBANZ quarterly magazine for the latest on the intermediated insurance market.

Gary's Blog Gary's Blog
Comment on current issues.

© Copyright IBANZ, all rights reserved. Private information collected for this website is governed by our Privacy Policy. Read our Terms & Conditions
Powered by streamSWEET CMS