FMA won't be 'outgunned' despite broader remit

Chief executive Rob Everett outlined the markets conduct regulator's main focus for the year at a Financial Services Council breakfast event with some 200 attendees. Those areas include the new financial advisers regime, scrutiny of investment products branded green and continued work on KiwiSaver schemes, according to his speech notes.

The FMA, alongside the Reserve Bank, published critical reports of banks and life insurers in November 2018 and January 2019, after examples of misbehaviour across the Tasman raised fears there might be similar issues in New Zealand.

Everett said while he was “surprised, disappointed and, occasionally, downright frustrated at parts of the industry,” he wanted to offer the carrot and not just the stick.

“For sustainable change within the retail financial services industry, that change must be chosen rather than imposed,” he said.