Podcasts · New Zealand's Financial Market's Authority Podcasts

Who owns your investments? | Jess Learns to Invest

11 Oct 2026 · 34 min · S2 E4

Who actually owns your investments?

In this episode Jess is joined by FMA Head of Financial Advice Romil Ghelani and Director of Reporting, Markets and Investments John Horner to unpack investment ownership, custody risk and the protections around client money and assets.

They explain the difference between market risk and custody risk, the role of an independent custodian, why investor assets are generally kept separate from a provider’s own money, and what investors can check for themselves. The conversation also covers financial advisers, share-trading platforms, KiwiSaver, crypto assets, cyber risks, scams and lessons from past fraud cases.

You’ll learn:

• what a custodian does and why it matters • how managed fund assets differ from money held by a bank • what protections apply if an investment provider runs into financial difficulty • what reports and assurances investors can ask for • the warning signs that should prompt more questions.

The key takeaway: understand what you own, who holds it, how it is protected and what happens if something goes wrong. If in doubt, ask questions.

This content is general in nature and is not financial advice. Consider seeking advice about investing from a regulated financial adviser.