MR No. 2021 – 2
26 January 2021
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has today published its annual report for the year to June 2021.
Throughout the year, the FMA continued to prepare for three new regulatory regimes, including the licensing and supervising of banks, insurers and non-bank deposit takers for conduct, climate-related financial disclosures that will become mandatory for some entities, and monitoring compliance with new requirements for insurers regarding policies and protections for customers¹.
Meanwhile, the FMA’s interest in KiwiSaver fees shifted to a more holistic focus on value for money, with new guidance issued for all managed funds. And the new financial advice regime commenced, following strong engagement, consultation and collaboration with the industry and Government over the past five years.
Further, in response to the rise of online investment platforms, the FMA produced resources and online content to raise awareness of the risks and responsibilities related to share trading.
Enforcement activity to deter misconduct was varied and extensive, with notable cases including (chronologically):
Liam Mason, FMA Acting Chief Executive, said: “2021 marked the FMA’s 10th anniversary and while some focus areas have remained constant over the past decade, in other areas we continue to take on new responsibilities. The FMA is growing and adapting to implement these new responsibilities, which will benefit the wellbeing of New Zealanders. It is encouraging to see through our regular surveys that stakeholders continue to see the FMA as supporting market integrity and good conduct.”
|Stakeholders agree that the FMA supports market integrity|
Source: Data from the 2021 Ease of Doing Business survey of 112 key FMA stakeholders
¹ The regimes (respectively) fall under the Financial Markets (Conduct of Institutions) Amendment Bill, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act, and the insurance contract law review.
FMA Media Relations Manager
021 220 6770
FMA Senior Adviser, Media Relations
021 945 323