Call for Aussies to pay FMA levies
The levy, which is charged to registered financial services providers to help fund the FMA’s activities, does not apply to Australian fund managers who use the mutual recognition of securities agreement to sell products here.
John Berry, executive director of Pathfinder Asset Management and co-founder of the boutique fund manager forum, said that was not fair on New Zealand-based managers.
“The purpose of the levy is to fund regulatory projects in New Zealand. The view of the regulator is the people who benefit from confidence in the markets should pay for the overheads, and in their view the people who benefit most are the issuers like New Zealand fund managers,” he said.
“But all issuers in the New Zealand market benefit from improved regulation and improved confidence, not just those that are based here.
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