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.
This month we are introducing the Investigations team, which conducts formal investigations into cases referred from the Perimeter and Response or supervisory teams where there is a suspicion of very serious misconduct. Its remit is broad and it is guided by the regulatory outcomes set out in our Financial Conduct Report.
Within the team there is a wide range and depth of expertise including experience in investigations, forensic accounting and conduct regulation.
The team conducts forensic investigations to establish the circumstances of events, in accordance with investigative best practice. They gather and review information and documents from evidential sources and conduct interviews.
The team generally has about 15 to 20 investigations in progress at any one time. The cases deal with issues that cover the FMA’s full remit and include the conduct of financial advice providers (licensed, unlicensed or unregistered) or individual financial advisers, trading misconduct (such as insider trading or market manipulation), fair dealing cases (covering matters like the bank and insurer self-reported remediation cases), false or misleading disclosures relating to investment offers (such as misleading claims about returns or risks relating to an investment), fraud and failures to comply with the anti-money laundering legislation.
The outcome of an investigation can range from no further action (if there is insufficient evidence) or an enforceable undertaking through to civil and criminal court proceedings. They also work with our supervisory and Perimeter and Response teams in instances where a less serious response is warranted. The team also works closely with other regulatory and law enforcement agencies such as the Police, Serious Fraud Office and the Commerce Commission.
If you have any questions about their work you can email [email protected].
