Addressing the Blind Spots: Raising Conduct Risk Maturity in New Zealand
Executive Director, Regulatory Delivery, New Zealand Financial Markets Authority (FMA)
May 16, 2021
Compendium
Executive Director, Regulatory Delivery, New Zealand Financial Markets Authority (FMA)
May 16, 2021
Compendium
New Zealand banking regulation has been focused largely on prudential standards and has lagged other jurisdictions on conduct legislation, until now.
For instance, the main focus of the Financial Markets Conduct Act 2013 (FMCA) was on the effective operation of capital markets and on investment-related activity. The FMCA was recently amended to introduce a modernised financial advice regime, and further amendments are passing through Parliament to establish a conduct regime for banks, insurers and non-bank deposit takers. The Financial Markets Authority (FMA) will be responsible for the implementation of these regimes.
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