Self-reporting viewed as best practice by the FMA

Karen Chang.

The Financial Markets Authority's (FMA) head of enforcement and acting general counsel Karen Chang has laid out the FMA's expectations for how firms under its supervision should deal with the regulator when day-to-day interactions evolve in the event of an enforcement process.

Chang says it’s critical the industry should not be surprised by the FMA's approach to regulation, supervision and enforcement.

"That’s why we strive to set visible expectations on how we implement the laws within our jurisdiction, our expectations for good conduct, and our enforcement strategy.”

Chang set out three key areas that should be a priority for every firm that holds a licence with the FMA or will do in the future.