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The Financial Markets Authority has abandoned the term 'integrated financial products' in its latest guidance on sustainability disclosures.
The regulator released the new Sustainability-related disclosure guidance on 12 May 2026. It replaces two earlier documents from 2020 and 2022.
Market feedback drove the change. Issuers found the label clunky and rarely used it.
Executive Director Response and Enforcement Louise Unger explained the shift.
"The updated guidance supports issuers to provide investors with clear and accessible information on financial products with sustainability-related characteristics, such as environmental, social or value-based considerations, so investors can be confident that what they are investing in aligns with their investment objectives." — Louise Unger, FMA Executive Director Response and Enforcement
Unger added: "It's important that investors have the information they need to understand the nature of the sustainability-related claims made about a product so they can make well-informed decisions about their investments."
AI illustration of sustainability-related regulatory guidance documents — the FMA's new principles-based framework replaces two earlier documents from 2020 and 2022.
Four Core Principles
The document sets out four core principles. Claims must be clear. They must be substantiated. Messages must stay consistent across all channels. Third-party involvement must be overseen effectively.
The FMA now takes a principles-based approach. It covers environmental, social, governance, ethical, green, sustainable and impact strategies.
The guidance explains how existing fair dealing provisions in Part 2 of the Financial Markets Conduct Act 2013 apply to sustainability-related claims in product names, marketing or offer documents. It includes 27 specific examples of good and misleading disclosure practices across screening, stewardship, targets, risks, third-party data, and consistency.
Industry Reaction
Industry groups welcomed the move. The New Zealand Bankers' Association called it a clear improvement. Chapman Tripp described the guidance as a significant improvement.
Dentons noted widespread relief among practitioners at the end of what it called the ill-conceived term.
Industry responses to FMA sustainability disclosure guidance
Organisation
Position
NZ Bankers’ Association
Clear improvement on 2020 framework
Chapman Tripp
Significant improvement on 2020 Disclosure Framework
Dentons NZ
Universal practitioner relief at retirement of ill-conceived term
Consultation submitters broadly
Welcomed retirement of ‘Integrated Financial Products’ label
The guidance applies to product disclosure statements, statements of investment policy and objectives, websites and advertising.
KiwiSaver providers face the biggest practical impact. Default schemes from ANZ, ASB, BNZ, Westpac, Mercer and Simplicity must align all sustainability claims with the four principles.
More than $100 billion in KiwiSaver funds sit under these rules. Clearer disclosures could steer capital away from screened sectors such as fossil fuels.
Enforcement and Outlook
The FMA will not create new rules. It will monitor through ongoing supervision.
Enforcement will target only materially misleading or unsubstantiated claims.
The guidance recognises that good practice in sustainability-related disclosure is evolving and addresses it through engagement, education and feedback rather than new prescriptive rules.
The regulator's lighter touch aligns with feedback that the old label added unnecessary complexity without reflecting real market practice.
Issuers already preparing climate-related disclosures can now ensure consistency between statutory reports and voluntary marketing.
The FMA has signalled continued engagement rather than prescriptive intervention.
