Industry participants pick up more of FMA's tab
A Cabinet paper released by the ministry last week shows that participants are picking up the tab as the regulator’s budget increases significantly over the coming years.
The paper said the FMA has faced an expansion of its regulatory remit and broader cost pressures in recent years.
In April, Cabinet agreed to increase the FMA’s appropriation over three years to $60.805 million by 2022/23.
Cabinet agreed that the majority of this increase – $23.501 million per annum by 2022/23 – would be funded via an increase in the existing levy on financial service providers.
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