Professional Advice Special Interest Networking Group - Navigating FMA Monitoring Visits: Insights and Tips from Financial Advice Providers

FSC members in the Professional Advice community were invited for a Special Interest Group Networking Event on 7 May 2025 where they delved into the New Zealand Financial Markets Authority (FMA) monitoring visits for licensed financial advice providers.

The engaging event featured a panel of representatives from large experienced financial advice providers who have gone through the FMA's monitoring visits, sharing first-hand experiences, challenges, and key takeaways.

Our panel shared valuable insights on how to prepare for and navigate these reviews, offering practical tips to ensure the process is as smooth and efficient as possible.

The session equipped attendees with tools and knowledge to confidently manage the FMA's monitoring and compliance requirements.

Speakers:

Steven Burgess (Facilitator)
Chief Executive Officer, Compliance Refinery

Steven is a longstanding compliance professional with upstanding integrity. He has been employed at the FMA and the Canadian Securities Regulator, IIROC. He has four years’ experience working in areas related to FAA at a large NZ Financial Services Company. Furthermore, he has 7 years’ experience working in both big banks and boutique firms in Canada.

Through his career he has had oversight of over more than 100 Adviser Businesses. He has developed a deep appreciation for the adviser/client relationship, while maintaining focus on client outcomes. His skillset brings both a top-down and bottom-up approach, which allows him to navigate senior level personnel and regulators, while fully understanding the adviser/client interaction.

Katrina Church
Director - Head of Client Engagement, Insurance People Limited

Katrina is Director & Head of Client Engagement at Insurance People Limited and a financial adviser since 1998. She is a Life Member of Million Dollar Round Table – former NZ Chair and current Top of the Table Committee Chair and is passionate about giving advice on Personal and Business risk and insurance and championing the insurance industry. She has witnessed the difference that the right advice can make to her clients’ businesses and lives – and it’s making a difference to people that drives her.

In 2024, she also experienced an FMA monitoring visit and lived to tell the tale! 

Navzad Cooverji
Director - Compliance, Certainty Financial Advisers Network (CFAN)

After a successful career in administration management, Navzad joined the insurance industry 12 years ago, firstly working as an adviser and then as AIA FSN’s network manager, leading a team of 20+ advisers. 

Over the years, I have recruited and trained many advisers, with almost all of them qualifying and becoming members of MDRT (Million Dollar Round Table) and having great careers as financial advisers. 

2019 brought about new challenges for me and with the new FSLAA regulations on the horizon, with my business partner and industry stalwart Andy Brown, we started Certainty Financial Advisers Network (CFAN).

Over the last 6 years CFAN has grown from 12 advisers to now 40 advisers. 

Understanding the challenges advisers face both in the field and in the current regulatory environment, in my role as Compliance Director of CFAN, I train advisers and oversee the compliance of the FAP, giving our advisers certainty that their advice process and documentation is up to date and meets the regulatory standards. 

Tom Pallant
Acting Head of Risk Governance & Reporting - Personal Banking, ASB

Tom has had a broad career with both industry and regulatory experience. He is currently with ASB, managing the team responsible for governance and reporting in the Personal Banking division.

Prior to this, he worked as a Senior Compliance Manager for ASB specialising in financial advice compliance. He has also worked at the Financial Markets Authority (FMA) as one of the founding members of the financial advice supervision team. Tom’s career has largely focused around financial advice, having worked for advice firms in both New Zealand and the UK.

Yang Gu
Director/Principal Adviser, YG Financial Services and YG General Insurance

Yang Gu is a seasoned professional with over 20 years of experience in the financial services industry, spanning retail, business, commercial, and corporate sectors. Since 2018, he has been serving as the Director of YG Financial Services and YG General Insurance, where he has been instrumental in driving growth and innovation. 

Prior to his current role, he held the position of Head of Commercial, Rural, and Migrant Relationships at ASB. His exceptional leadership and expertise earned him the ASB Insurance Manager of the Year Award for six consecutive years. Additionally, Yang's outstanding contributions were recognized with the prestigious ASB CEO Award and the CBA NZ Service Award. 

Yang's extensive experience and dedication to excellence have made him a respected figure in the industry, known for his strategic vision and commitment to delivering exceptional service.