Mortgage fraud and advisers’ commissions under the FMA microscope

Picture: FMA Chief Executive Samantha Barrass (Supplied)

The FMA has identified four themes it will prioritise over the next year across the sectors it regulates. 

These include managing conflicts from renumeration structures; banks’ and non-bank deposit takers’ design of new and redesigned existing products; the use of complaints to drive improvement; and fraud detection and prevention, specifically in relation to mortgage and insurance fraud, and the fraudulent use of KiwiSaver for first-home withdrawals.

The themes represent important areas where a phased, multi-year approach is likely to be necessary to support  improved consumer and market outcomes, the FMA says.