FMA focus on financial advice
He said, after the global financial crisis, regulators' focus was more tightly on behaviour, with more of an emphasis on earlier risk management, financial stability and governance.
He said good regulation should support and protect customers' and investors' interests, encourage efficient operation of financial markets and economic growth as it lowered the cost of capital for New Zealand companies.
By contrast, bad regulation would impose costs, limit commercial freedom, stifle innovation and create barriers to participation, as well as other unintended consequences.
Good regulators would be, among other things, evidence-informed, risk-based, responsive and proportionate to the risks and harms presented.
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