FMA gets litigation fund boost

The increase will take the FMA’s litigation fund annual budget to $6 million for 2019/20. The FMA’s litigation fund was set at $2 million per year when the regulator was established in 2011.

“Fair, efficient and transparent financial markets are vital for New Zealand’s economic wellbeing,” Commerce and Consumer Affairs Minister Kris Faafoi said.

“As the financial markets regulator, the FMA plays a key role in delivering those benefits for New Zealanders.

“However, cost increases and the rising complexity of investigating serious breaches of the law are placing pressure on the FMA’s enforcement and litigation functions.