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RNZ News

Removing red tape key priority for FMA

FMA chief executive Samantha Barrass. Photo: Supplied Removing red tape, disrupting scams and ensuring customers are treated fairly are amongst the key priorities for the country's leading financial markets' regulator. The Financial Markets Authority (FMA) has released its first Financial Conduct Report, which it plans to publish annually to provide clarity on what to expect from the regulator. Cross-sector priorities for the FMA for the upcoming year included removing unnecessary regulatory burden and combating scams. "We want to reduce unnecessary costs in applying for and maintaining licences," the FMA said. The report landed amidst a challenging period for the FMA, with job cuts and dissatisfaction amongst stakeholders. Chief executive Samantha Barrass said the agency wanted to maintain a strong dialogue with the industry. "What we learned from the survey last year was that we needed to do more of that and we've been increasing our engagement with the sectors that we regulate over the last year," Barrass said. "This report is about us being forward-looking, focused on the outcomes that matter to New Zealanders from their experience of financial services." Barrass said removing unnecessary regulations would help the FMA focus on regulations that helped fair treatment of customers. She added the agency had always taken an educational approach to enforcement, but would take firm action on firms that did not abide by the rules, and recent job cuts would not affect enforcement. In the financial advice sector, the FMA said it would look at conduct affecting vulnerable consumers. For insurers, the FMA would carry out proactive reviews for existing insurance products. The FMA said it would also tackle misleading disclosure by wholesale issuers in the capital markets sector, and monitor insider conduct. For fund managers, the FMA said it would have clear expectations for ethical investment disclosures, and ensure effective protection of client assets. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.