The beginning of the new financial advice regime, this week, marks a shift in the Financial Markets Authority’s (FMA) focus on the financial advice sector, from transitional licensing to monitoring and supervising under the transitional regime, as well as full licensing.
Overall responsibility for monitoring financial advice sits with James Greig, Director of Supervision. He has recently been appointed to the FMA’s Executive Committee and has reported directly to Chief Executive Rob Everett since 2020. Since joining the FMA in 2016, Mr Greig has led the FMA’s Supervision team, which is responsible for monitoring and supervision of managed investment schemes (MIS), supervisors, custodians, derivatives issuers and financial advice. Michael Hewes has been appointed as Head of Financial Advice, within the Supervision team and will lead this work, reporting directly to James Greig.
Rob Everett, FMA Chief Executive said: “James is already making a great contribution to the FMA’s leadership as we ready ourselves for a significant expansion in our remit. In particular, we are now implementing the new regime for financial advice which came into force earlier this week. In other areas, James has proven himself an effective leader and played a major role both in our response to the COVID-19 pandemic and in the Culture & Conduct reviews into banking and life insurance in 2018.”