27 September 2017
FMA publishes annual report 2017
The Financial Markets Authority (FMA) published its annual report today for the financial year ending June 30 2017. This highlights two key developments for the FMA; a Government review
confirming increased funding and the IMF’s Financial System Stability Assessment.
Murray Jack, FMA Chair said: “During the year, we reviewed our strategic planning to make sure additional funding is
directed to our key areas of focus. In addition to feedback from those we regulate, this review was also informed by the
IMF assessment and Deloitte’s evaluation of our effectiveness and efficiency”.
During the year the FMA has also set expectations of what conduct regulation means for financial providers and
investors. The annual report also covers the work our frontline supervision and monitoring teams have carried out with
licensed businesses and where further work is required.
Rob Everett, FMA Chief Executive 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.”
Other major developments include:
• completing licensing of regulated services in December 2016, with 201 of 253 licence applications approved
• Publishing our conduct guide for industry and investor entitlement material.
• Successfully bringing civil action against Mark Warminger for market manipulation
Our annual report also sets out ways the FMA has reduced regulatory burden for market participants. This varies from
providing exemptions to avoid imposing unnecessary compliance costs to taking a tailored approach to imposing license
conditions.
The report also describes how the FMA has changed its performance measures to provide more meaningful insight into
whether it is achieving its regulatory objectives. This is set out in the ‘How we performed’ section. The new measures
will be first reported on in the Annual Report 2018.
ends