FMA restarts regulatory activities
It had allowed market participants some flexibility and relief from their normal requirements earlier in the year out of concern for the disruption that businesses were facing.
But in an update outlining its priorities for the next three to six months, the regulator said it had resumed its supervisory monitoring programme, which includes planned, reactive and thematic monitoring of the licensed populations and entity types. On-site engagements are scheduled to commence again in August.
Its immediate priorities were supporting investors and customers by “helping them to make good decisions and highlighting risks and issues”, providing ongoing support to entities and working with firms to help them respond to the impacts of Covid-19, identifying and addressing misconduct, including scams and other predatory practices related to Covid-19, swiftly responding to market disruptions and significant events and setting out its expectations on good conduct, particularly in relation to the treatment of customers in vulnerable circumstances.
It was also focusing on progressing the new financial advice regime, which starts on March 15, and continuing to work with the Council of Financial Regulators and other agencies to monitor developments and ensure effective responses to system-wide issues.
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