Hughes apologises to investors
Hughes, who is preparing to leave his post with the regulator, spoke at the Workplace Savings NZ forum in Wellington.
He said the FMA's key goal was to restore investor trust and confidence in the sector, which had been eroded by a series of failures over recent decades that had left some people approaching retirement with very little savings left.
People were investing in property because it was perceived as safer, he said.
In the 119 weeks the FMA had been in existence, it had been a champion for change, he said. "With that came the desire to acknowledge the fact that New Zealand and New Zealanders have been poorly served... So to investors who have been left out of pocket, or been betrayed by the failings of market participants, I want to say I am sorry. You are entitled to feel let down and aggrieved... I will not walk away from the accountability that followed me into my role."
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