[GRTV] Bayly wants a twin peaks model for financial regulation
Before the election he had wanted to scrap the Financial Markets (Conduct of Institutions) Amendment Act introduced by the previous government, but since then he has spoken with CEOs of some of the largest affected filing entities, such as banks and insurance companies. The feedback was that they had largely completed the work, albeit at great expense, and they wanted to go ahead and file their applications.
He says he had heard that of the 200 required to file, about 100 hadn’t started the process because they were worried about what the FMA would require. So he has also spoken to the FMA about guidelines.
“First principle is to work out what’s proportional in terms of conduct for your entity,” he says.
With 25 years experience in financial services and having once chaired a financial planning company, the new minister has engaged quickly with the sector.
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