First published 25 July 2016
Final date for submissions
We have been working with MBIE to review our funding. This is the first review since our funding was set in 2011, when the FMA was established. The initial funding model therefore does not take into account that our responsibilities have significantly expanded under the Financial Markets Conduct Act and other financial markets legislation.
MBIE has now published a consultation paper on reviews of the FMA funding, the FMA levy, the XRB levy and Companies Office fees.
This document sets out a range of potential funding models and includes the level of funding we believe is appropriate and would enable us to support good conduct, good customer outcomes and growth and integrity in our capital markets.
The paper also seeks feedback on how the FMA’s funding is split between industry levies and taxpayer funds. The Government initially decided that industry levies would provide 61 per cent ($16.41m) of the FMA’s current annual appropriation; the government proposal is for an increase of up to 70 per cent ($27m) for the enhanced case funding option.
We encourage you to read the consultation paper and provide your feedback, which will ultimately help shape the future of financial services and its regulation in New Zealand.
Submissions closed Monday 22 August 2016.