Consultation on the FMA’s outcomes-focused regulation closed on 1 March with 52 submissions being made since industry was invited to participate in November last year.
The regulator’s CEO Samantha Barrass says she is grateful for the feedback and is now considering all the submissions.
“It’s important that we listen and get this right,” says Barrass. “Outcomes-focused regulation is about how we will approach our engagement with the financial sector, through the lens of the outcomes we want to see for all New Zealanders and our markets.
“This approach enables us to be forward looking, targeting risks as they emerge, rather than looking backwards at lapses, with a ‘tick-box approach’ to regulation.
“We are committed to collaborating and engaging with industry – our approach is relationship based and that’s why it’s so important to work with firms as we evolve our outcomes focused approach.”
The FMA will share the next steps in this process over the next few months.