FMA 'too slow'
He has left the FMA after three years, to set up his own business, Adviser Business Compliance (ABC), helping adviser clients navigate regulation.
He said he had become too deskbound at the FMA. When he started, he had anticipated spending up to 75% of his time working with advisers but that had not happened. “I felt I was spending too much time in the office instead of getting out there and influence in the marketplace.”
Austin said the FMA would like to do more but it was a matter of resources. When complaints came through, they had to be followed up at the expense of other work. “There’s difficulty in balancing a proactive approach with a reactive one.”
Ross Asset Management’s failure had highlighted issues and stirred up more activity, but the FMA was still not on the front foot, he said.
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