New Zealand’s Financial Markets Authority (FMA) wants submissions on its proposals to allow personalised financial advice generated by computer program or algorithm.

General insurance is on the list of proposed eligible areas for robo-advice, along with listed equity securities and government bonds.

The FMA plans to use its exemption powers to push this through until proposed financial adviser law reforms come into effect in 2019.

“Until then, the current environment of reduced access to advice for consumers and barriers to technological innovation for providers will continue,” the consultation paper says.

“Currently, the law is hindering the development of personalised robo-advice models in New Zealand. We are keen to embrace innovation in this space.

“We also want to create opportunities for those who may not otherwise have access to it, a low-cost option to gain financial advice.

“Our view is that it is within the scope of our powers to consider an exemption to accommodate the use of this new delivery channel.”

Submissions close on July 19. For more information, click here.