In the 12 months to 30 June, investigations by the FMA saw banks and insurers give back more than $215m to their customers. The figure appears in the regulator’s latest annual report.
However, its work came at a cost, with the organisation going over budget to the tune of $945,000.
Stakeholder surveys carried out by the FMA during the year show 85% of respondents agree the regulator supports market integrity. However, this is down seven percentage points on 2023’s 92%.
Another survey result shows that while 75% agree the organisations raises standards of market conduct, this too is down from 89% in 2023.
There has also been a decline in investor confidence, down from 71% to 66% for the period.
Board chair Craig Stobo says while these results are concerning “it is also an opportunity for improvement, and will be a focus for the board over the coming months”.
However, there is a rise in those who agree the market treats customers fairly – up from 73% in 2023 to this year’s 76%.
Samantha Barrass, CEO FMA, states in the report that actions against FAPs have “sent a clear message” that while it is taking a collaborative approach in the early days of the new regime, “there is never room for egregious misconduct”.
We are committed to collaborating and engaging with industry…
She says good governance is a perennial priority for the organisation, and its staff will always take a closer look into potential poor conduct where warranted.
“We are committed to collaborating and engaging with industry, and will continue to do so as we evolve our outcomes-focused approach,” states Barrass.
The FMA is employing more people than a year ago according to the report. Its headcount for the year to June stands at 224, against 197 in 2023.
The highest paid member of staff earns more than $630,000 a year, while the 18 lowest paid members of its team are on more than $100,000.
Click here to download the full 2024 annual report.