The FMA has joined the International Financial Consumer Protection Organisation (FinCoNet), a not-for-profit that promotes “…effective supervisory standards and practices” in the financial sector.
As a member, the FMA will provide expert input into the work of the organisation and coordinate responses from members of New Zealand’s Council for Financial Regulators.
FinCoNet was established in 2013 and is a member-based organisation set up under French law. Each member has responsibility for, and an interest in, protecting the interests of consumers of financial services.
Annual membership of FinCoNet for low income countries such as New Zealand is 5,000 euros a year (just over $8,000).