FMA sheds further light on end results focus
Those subject to FMA regulation will need to look to the regulator’s annual Financial Conduct Report for clues to its shifting priorities as it focuses its efforts on end results.
The commitment to deliver a yearly explainer is contained within the FMA’s latest update on its approach to outcomes-focused regulation, after its consultation last year on fair outcomes for markets and consumers received more than 50 submissions from the sector, many wanting to see more clarity around how the idea of “fair outcomes” would translate through into the FMA’s approach to regulation.
“The approach focuses on the most significant risks and opportunities for New Zealand businesses, investors, and consumers, helps reduce unnecessary regulatory burden on the industry, and provides market participants with greater flexibility in meeting regulatory obligations,” says Clare Bolingford, FMA Executive Director, Regulatory Delivery.
“In this document we have reframed the outcomes in response to the feedback we received, to clarify them and to better show how they link to the FMA’s main statutory objective and the purposes of our legislation.”
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