Challenges ahead for FMA
That’s according to former FMA staffer turned compliance consultant, Gavin Austin.
The FMA’s Statement of Intent, which lays out the organisation’s plans for the next three years, shows the FMA will come under increasing strain despite its workload increases.
The first year the SOI covers, ending June 2014, will be supported by funding for transitional costs, of about $1.6 million. But this funding runs out the following year.
The document says: “FMA is forecasting small surpluses in the first year and then to use reserves in the remaining two years of this SOI. The reserves carried forward are important to enable FMA to carry out our statutory functions and, in particular, to fund the continued build of systems to support FMA’s data gathering, strategic intelligence and implementation of our expanded regulatory framework.”
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