FMA puts finishing touches on draft conduct guidelines

The CEO, an ex-pat Kiwi and former Reserve Bank economist who has been in her new role for only about six weeks, says it’s important to get adviser input into the draft guide which will cover the entire financial sector.

“We’re very mindful of the amount of regulation that’s open for consultation, so we are going to provide a four-month period of time [for] feedback which we hope makes it a bit easier to take the time to engage in this guide,” she told a webinar hosted by the Financial Services Council this week, attended by about 600 people.

In line with her preference for guidelines to focus on services and outcomes for consumers, Barrass says the consultation document will not be a prescriptive checklist of dos and don’ts. Rather, it will set out the principles that providers must apply when designing products or delivering services.

For most industry players, Barrass doesn’t expect this will be a big ask. “I’d like to think that most or all of what you see in this guide will be consistent with your own expectations for yourselves on the way you deliver your products and services,” she said.