FMA reports on 'watershed' year
It has released its latest annual report, which showed it turned in a bigger deficit than expected -$177,000 compared to a budgeted -$80,000. It overspent its litigation budget, with a litigation deficit of -$969,000.
The FMA said it had been a watershed year because the Financial Markets Conduct Act was fully implemented and normalised across the financial sectors the FMA regulates.
The regulator said its work this year in the adviser market had focused on building systems to support the application process for transitional and full licensing, creating guidance documents and communicating updates to the current adviser population, and engaging with industry to help them understand their options and obligations under the new regime.
Its review of bank and life insurer conduct was the single largest thematic review the regulator had undertaken and dominated activity for the year.
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