Significant regulatory changes highlighted
Financial Markets Authority chief executive Samantha Barrass (pictured above), in her address to the Financial Services Council, outlined FMA’s pivotal 2024 achievements and 2025 strategy, focusing on practical, impactful regulation.
2024: A year of implementation and transition
Barrass described 2024 as a pivotal year for the FMA, focusing on the seamless integration of new regulatory frameworks.
“This year is about making how we want to do that, real for the firms we regulate,” she said, emphasising a shift from theoretical planning to practical application in regulatory practices.
FMA’s evolving regulatory philosophy
The core of FMA’s strategy, as Barrass said, revolves around meaningful regulation that passes the “so what” test, focusing on tangible outcomes rather than bureaucratic processes.
The aim is to ensure that regulatory efforts directly benefit New Zealanders by enhancing fairness, efficiency, and transparency in financial markets.
Major initiatives and collaborative efforts
Highlighting FMA’s proactive stance, Barrass discussed the organisation’s recent initiatives, including the innovative regulatory sandbox launched in collaboration with FinTech NZ and Minister Andrew Bayly. This pilot project is designed to foster innovation by allowing firms to test new financial products and services in a controlled environment, ensuring they meet regulatory standards while encouraging creativity and growth.
Looking ahead: Strategic priorities for 2025
As FMA looks forward to 2025, Barrass detailed several key areas of focus:
Enhancing consumer confidence
Ensuring that financial service providers treat customers fairly remains a top priority.
Supporting economic growth
Aligning regulatory efforts with broader economic objectives, including promoting innovation and facilitating access to cutting-edge financial services.
Operational excellence in regulation
FMA intends to refine its regulatory approach, making it more impactful and aligned with the industry's dynamic needs.
Collaborative regulation and industry growth
In her closing remarks, Barrass reiterated FMA’s commitment to a collaborative approach with industry stakeholders to achieve regulatory excellence and support the development of New Zealand’s financial markets.
She welcomed ongoing dialogue and feedback from the financial community to help shape an adaptable and forward-thinking regulatory landscape.
