Further to our earlier newsletter, the FMA have now issued the following statement:

The Government has confirmed financial services among its list of essential services that need to continue to operate when New Zealand moves to Level 4 in its COVID-19 response.

Financial advice is not covered by the definition from the Government of workplaces/offices that need to remain open but it clearly remains an important service.

Our expectation is that most advisers should be able to work from home, with no need to staff offices. This means advisers can continue to provide support to clients without compromising the Government’s social distancing objectives.

We encourage advisers to contact their clients and be available to help with their inquiries during these challenging times.

Financial Markets Authority


What does this mean for IBANZ Members?

Reading the two statements, the Government COVID-19 and FMA, we can say is that there is not a requirement to keep a broking office open as “financial advice” is not covered by the “Essential Businesses” definition.

However, the FMA is expecting that while offices do not need to remain open, advisers should be working from home to continue what they see as an important service.

Brokers should continue to support their clients for insurance services without compromising the Government’s social distancing objectives.

We trust this clarifies the position for operating your business over the coming weeks.