Our Response and Enforcement function is made up of the teams that assess and address conduct that poses serious harm to New Zealanders, as well as our specialist supervision teams, which supervise, monitor and deal with conduct related to regulatory obligations that apply across multiple sectors. We are introducing these teams, sharing more about the work they do as well as the impact they hope their work will have. You can read more about the teams we have already profiled.
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This month we are introducing the Enforcement team, our lawyers who work alongside the Evidence and Investigation team throughout an investigation and who make enforcement recommendations, which often include civil proceedings and criminal prosecutions.
The team is responsible for managing court proceedings across a range of conduct, from fair dealing to fraud. The inherent seriousness of different types of conduct varies, as does the harm and impact of it. However, in all cases the FMA’s enforcement responses will be appropriate and proportionate to the conduct at issue.
Over recent years the FMA has taken a number of proceedings under the fair dealing provisions of the Financial Markets Conduct Act, in response to self-reported breaches by banks and insurers. We have also had market conduct proceedings – insider conduct and market manipulation, and Crimes Act prosecutions, often involving former and current financial advisers.
The Enforcement team supports the investigations process and works alongside the FMA’s investigators to provide legal analysis where required and to ensure evidence is obtained lawfully and is strategically useful. The team makes assessments about evidence, public interest, and the role of various regulatory responses in achieving the FMA’s strategic objectives.
The Enforcement team makes recommendations to FMA’s Board about various enforcement responses. The team then manages litigation (going to court), from the filing of civil proceedings or criminal charges and throughout the various phases of litigation.
If you have any questions about their work you can email [email protected].
