The Financial Markets Authority (FMA) remained highly active throughout 2025, issuing guidance, warnings, and enforcement actions across the financial services sector. As we move into 2026, there is value in reflecting on the key themes emerging from the FMA’s activity and considering how these can guide your organisation’s compliance and conduct priorities this year.

Proactively reviewing and strengthening systems now allows businesses to control their own improvement programmes, rather than responding under pressure if the regulator intervenes. Below, we highlight the themes that should help shape your strategic focus for the year ahead.

1.   Licensing obligations - Get the basics right

Periodic reassessment of whether your compliance processes and controls remain fit for purpose is essential - particularly where your business has grown or changed over time.

The December 2025 censure of Opes Group Holding Company Limited demonstrates the risks of failing to keep regulatory compliance frameworks aligned with business growth. Although no direct client harm was identified, gaps in policies, procedures, and conflict management that developed in a period of rapid growth created significant risk.

It is also important to avoid shortcuts when appointing advisers, auditors, or reviewers. A robust reviewer may feel challenging, but early detection of issues is far preferable to a regulatory investigation.

2.   Wholesale offers - Scrutiny remains high

Businesses relying on wholesale or “small offers” exclusions must ensure strict compliance with all conditions. In particular, the FMA continues to highlight concern around misuse of the “eligible investor” certificate process and took the rare step of obtaining a declaratory judgment from the High Court on how these certificates should operate.

Issuers should take particular care in broad advertising. If the offer attracts retail investors who then certify as eligible in questionable circumstances, the FMA is likely to take interest. See our article about this here. Warnings to Finbase and Evco Pacific Limited reinforce the need for rigorous systems when relying on exclusions and when on‑selling shares.

3.   Ethical and ESG claims - Refresh your approach

Those promoting ethical or ESG‑themed products should review their claims in light of the FMA’s updated consultation on disclosure guidance. Financial advisers should also ensure they understand emerging best practice in this area. It is an ongoing interest of regulators to ensure that investors are not misled by ethical and ESG claims.

4.   Delivering to the label - Meeting consumer expectations

Banks, insurers, and non‑bank deposit takers that are licensed financial institutions must conduct regular product and service reviews to ensure offerings continue to meet consumer needs. The FMA has been clear: products must deliver on what is promised and legacy products should also be carefully reviewed for ongoing suitability. Thematic guidance given in 2025 provides practical insights on good review practices.

This kind of practice should be considered by all financial service providers. The importance of ensuring that systems and processes are in place to check that your customer actions align with your customer commitments was underscored in 2025 with financial penalties awarded against banks and insurers in FMA enforcement action for fair dealing misconduct. This included improper discount application and incorrect premium pricing, the kinds of basics that apply to all businesses.

5.   Helping customers access what they need

The FMA has urged insurers to strengthen claims processes to ensure readiness for surges in customer needs. This is a relevant lesson for any sector where customer demand may spike.

Similarly, complaints processes should be easy to find and navigate. The FMA continues to emphasise the importance of learning from complaints and ensuring customers can raise concerns easily.

The FMA’s current review into financial advice accessibility may also influence future regulatory settings.

6.   Innovation - Engage early

The FMA continues to balance regulatory oversight with support for innovation. Its 2025 work included commentary on tokenisation and the launch of a fintech “sandbox” for testing innovative offerings.

If you are developing a novel product, early engagement with the regulator helps clarify obligations and reduces the risk of later compliance issues.

7.   Scams - Ongoing vigilance required

Scams remain a significant threat to investors and financial services businesses. The FMA regularly publishes insights on common scam patterns, including fake investment platforms, impersonation of reputable entities, requests for crypto payments, unreasonable return promises, and data harvesting schemes.

Businesses should incorporate these themes into their own customer education and risk management frameworks.

8.   Accountability in financial markets

Insider trading, market manipulation, and continuous disclosure remained priority enforcement areas throughout 2025. The FMA published updated guidance on insider trading to reflect sector feedback.

Listed issuers and senior executives should maintain strong awareness of applicable restrictions and ensure regular training and robust internal controls.

A strategic outlook for 2026

The themes emerging from the FMA’s recent enforcement and guidance align with the priorities outlined in its inaugural Financial Conduct Report, which we wrote about here. The clear message is that applying a "good customer outcomes" lens remains central to effective and value‑aligned compliance investment.

We are ready to work with you to tailor these insights to your regulatory and compliance strategy for 2026.  Get in touch with one of our experts if you would like to discuss.

We are running a webinar on this topic on 19 March. If not already on our webinar list, clients can register their interest here.