14pc of inquiries about advisers, FMA says
The report for the financial year ended June 30 showed that 14% of its inquiries in the 2016/2017 and in the 2015/2016 year related to the Financial Advisers Act.
There were 436 in the most recent year.
That ranked below inquiries relating to the Financial Markets Conduct Act and general FMA processes.
Chairman Murray Jack said, during the year, the FMA had reviewed its strategic planning to make sure its new increased funding was directed to its key areas of focus.
“In addition to feedback from those we regulate, this review was also informed by the IMF assessment and Deloitte’s evaluation of our effectiveness and efficiency.”
The FMA said it would release the findings of its report into replacement insurance business by the end of this year.
FMA chief executive Rob Everett said a key development in the year had been the move to set conduct expectations for the industry.
“We have outlined our expectations for industry conduct. We are committed to contributing to high standards of behaviour. Therefore we expect a healthy debate – and sometimes resistance – about the influence we want to exert on how providers engage with their customers. We encourage, guide, and occasionally compel, providers and intermediaries to think about how they are serving their customers. We also want to encourage and help investors to make well-informed decisions. We must work on both sides of the fence to create a safe and more transparent environment."
The report also noted the FMA had completed its court action against Mark Warminger and the licensing of regulated services in the past year.
Meanwhile, it is advertising for a new board member, with significant background in economics and regulatory systems "as they relate to financial markets".
It said the candidate would need to have extensive governance experience, a clear sense of public accountability and capability to provide intellectual and strategic leadership.
Board members are paid $31,620 a year and $1580 a day for divisional preparation and meetings.