FMA outlines supervision approach
Director of compliance Elaine Campbell spoke to Duncan Cotterill Law in Wellington last week about the approach the regulator would take to its supervision responsibilities under the Act.
It has 11,000 businesses and professionals under its watch and has licensing responsibilities for many. It is concentrating on supervision as its main form of preventative regulation.
The FMA identified its seven priority areas in its Strategic Risk Outlook, published in December.
These include firms ensuring quality sales and advice practices, addressing conflicted conduct in financial services, ensuring high standards of governance and culture among firms, ensuring integrity and growth in capital markets, ensuring effective frontline regulators, and improving information and resources for investors making decisions about products.
Campbell said the FMA would expect firms to be running systems that showed they were operating at the highest standards of conduct.
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