A key focus for the FMA over the coming months is to understand how its new regulatory regime is working for the financial advice sector and consumers.
Speaking at Financial Advice NZ’s Ingnite conference in Christchurch, FMA CEO Samantha Barrass said her organisation’s staff will be talking to the financial advice community about what they do, and how they do it.
“Many of you will already have seen this in action through our engagement with you through FAP licensing and through our CoFI intermediaries’ workshops in the last couple of months,” said Barrass.
“FMA monitoring of your businesses will be both proactive and reactive. Reactive is where we are responding to complaints or concerns. Proactive is where we are looking to engage with your business to deepen our understanding of how you deliver for your clients, and the issues you see ahead for the industry.”
She said that as the FMA’s knowledge and understanding of the industry deepens, that monitoring will become more targeted and risk-based, “…focused on mitigating or minimising consumer harm, or on identifying and highlighting good practice”.
“Our focus and our approach in doing this will always be outcomes driven, based around the consumer,” she said.
Addressing those who have not yet applied for their full FAP licence, Barrass said the FMA team will be doing everything it can to help “…leading up to the need to operate under a full licence by March next year”.
She said her goal is fostering a “…genuinely fair financial system” with more New Zealanders believing the financial sector is working well for them.
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