FMA reviewed strategic planning during its financial year to ensure additional funding was directed to key focus areas
A government review confirming increased funding and the International Monetary Fund’s (IMF) Financial System Stability Assessment were highlighted as key developments for the Financial Markets Authority (FMA) in their annual report released yesterday.
FMA Chair Murray Jack said during the year, the FMA had reviewed its strategic planning to ensure additional funding is directed to key focus areas.
He added in addition to feedback from those the FMA regulates, its strategic planning was influenced by the IMF’s assessment and Deloitte’s evaluation of the FMA’s effectiveness and efficiency.
During the year ending 30 June 2017, the FMA has also set expectations of what conduct regulation means for financial providers and investors. The annual report covers the work the FMA’s frontline supervision and monitoring teams have carried out with licensed businesses, and where further work is required.
FMA CEO Rob Everett said: “We have outlined our expectations for industry conduct. We are committed to contributing to high standards of behaviour.
“Therefore, we expect a healthy debate, and sometimes resistance, about the influence we want to exert on how providers engage with their customers. We encourage, guide, and occasionally compel, providers and intermediaries to think about how they are serving their customers.
“We also want to encourage and help investors to make well-informed decisions. We must work on both sides of the fence to create a safe and more transparent environment,” Everett said.
Other major developments announced yesterday include, completing licensing of regulated services in December 2016, with 201 of 253 licence applications approved. The FMA’s publishing of its conduct guide for industry and investor entitlement material, and successfully bringing civil action against Mark Warminger for market manipulation.
The FMA stated that its annual report also set out ways it had reduced regulatory burden for market participants, and describes how the FMA had changed its performance measures to provide more meaningful insight into whether it’s achieving its regulatory objectives.
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FMA Chair Murray Jack said during the year, the FMA had reviewed its strategic planning to ensure additional funding is directed to key focus areas.
He added in addition to feedback from those the FMA regulates, its strategic planning was influenced by the IMF’s assessment and Deloitte’s evaluation of the FMA’s effectiveness and efficiency.
During the year ending 30 June 2017, the FMA has also set expectations of what conduct regulation means for financial providers and investors. The annual report covers the work the FMA’s frontline supervision and monitoring teams have carried out with licensed businesses, and where further work is required.
FMA CEO Rob Everett said: “We have outlined our expectations for industry conduct. We are committed to contributing to high standards of behaviour.
“Therefore, we expect a healthy debate, and sometimes resistance, about the influence we want to exert on how providers engage with their customers. We encourage, guide, and occasionally compel, providers and intermediaries to think about how they are serving their customers.
“We also want to encourage and help investors to make well-informed decisions. We must work on both sides of the fence to create a safe and more transparent environment,” Everett said.
Other major developments announced yesterday include, completing licensing of regulated services in December 2016, with 201 of 253 licence applications approved. The FMA’s publishing of its conduct guide for industry and investor entitlement material, and successfully bringing civil action against Mark Warminger for market manipulation.
The FMA stated that its annual report also set out ways it had reduced regulatory burden for market participants, and describes how the FMA had changed its performance measures to provide more meaningful insight into whether it’s achieving its regulatory objectives.
Related stories:
FMA toughens approach to misuse of FSRR
Tech trends to improve customer experience
