They also welcomed a new chief executive
The Financial Markets Authority (FMA) has released its annual report for the year to June 2021.
Throughout the year, the regulatory body continued to prepare for three new regulatory regimes. This included the licensing and supervising of banks, insurers, and non-bank deposit takers for conduct, climate-related financial disclosures, and monitoring compliance with new requirements for insurers regarding policies and protections for customers.
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FMA and RBNZ release finalised regulatory framework
FMA releases statistics on financial advice providers in New Zealand
The past year also saw FMA shifting its interest in KiwiSaver to a more holistic focus on value for money, with new guidance issued for all managed funds, commencing a new financial advice regime, and addressing the rise of online investment platforms with the production of resources and online content to raise awareness of the risks and responsibilities related to share trading.
Read more: FMA says advisers are generally well prepared for new regime
The agency also continued to deter misconduct with varied and extensive enforcement activity.
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FMA takes CLSAP NZ to court over alleged anti-laundering breaches
FMA files charges for FSPR abuse
“2021 marked the FMA’s 10th anniversary, and while some focus areas have remained constant over the past decade, in other areas we continue to take on new responsibilities,” said Liam Mason, FMA acting chief executive. “The FMA is growing and adapting to implement these new responsibilities, which will benefit the wellbeing of New Zealanders. It is encouraging to see through our regular surveys that stakeholders continue to see the FMA as supporting market integrity and good conduct.”
“I want to acknowledge the enormous contribution and outstanding service of Rob Everett, who resigned as chief executive in late 2021 after a significant tenure,” said Mark Todd, FMA chairman. “We’re delighted that Samantha Barrass has now joined us as our new chief executive, bringing strong experience as a regulator and leader.”
Read more: FMA announces new CEO
