In its Enforcement Policy release the regulator has outlined what its early priorities are, saying one area of focus will be compliance with licensing regimes such as the registration of financial providers and the licensing of financial advisers, a requirement from July 1, 2011.

"We will also actively monitor and enforce the boundary between unregulated and regulated activity, particularly in relation to the financial advisers regime."

FMA chairman Simon Allen also highlighted KiwiSaver as a specific area of interest, citing the number of New Zealanders in the scheme and its role as a fundamental plank of retirement savings strategy.

"We will focus on KiwiSaver sales and distribution practices and will act decisively against any evidence of misconduct in this part of the market," he said.

Allen also outlined areas at the other end of the priority spectrum, saying the Enforcement Policy would be transparent about the factors it will weigh when deciding not to pursue every breach that comes to its attention.

He said the FMA would set cases aside when enforcement would not be justified in the public interest, when opportunities exist for more appropriate intervention - such as referral to the Serious Fraud office - and when the breach was a one-off, isolated case.

The FMA would also be unlikely to intervene with matters "more appropriately resolved directly by dispute resolution schemes or between private parties as a matter of contract."