FMA welcomes Government announcement on expanded remit
The FMA (Financial Markets Authority) today welcomed the Government’s announcement that it would introduce legislation
to create an oversight regime for regulating conduct in the banking and insurance sectors.
FMA chief executive Rob Everett said the FMA and Reserve Bank had highlighted gaps in the regulation of banks and
insurance in their joint thematic reports on conduct and culture in both sectors.
“The Government has said today it intends to close these gaps and give us the mandate to implement and enforce conduct
obligations across both sectors,” said Mr Everett.
“We look forward to working with industry to implement any changes passed by Parliament to ensure banks and insurance
companies serve the needs of their customers.”