Call for more scrutiny of regulators
That’s the question being asked by one international financial services consultant, now based in New Zealand, who says this country’s financial services regulation needs to be more stringently scrutinised.
Geof Mortlock is a New Zealand financial sector regulation specialist, who has worked with the IMF, the World Bank, Financial Stability Institute and KPMG.
He said New Zealand’s approach to financial services regulation was still light-handed compared to many countries’ – but that its oversight of its regulators was also more relaxed.
“I would put emphasis on the need for the FMA to be subject to more scrutiny from Treasury and MBIE and be subject to more KPIs in terms of its own performance,” he said.
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