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Commerce Commission and FMA sign MOU

Commerce Commission and FMA sign MOU

Issued 1 April 2014

The Commerce Commission has signed a Memorandum of Understanding (MOU) with the Financial Markets Authority (FMA) in advance of the commencement of key parts of the Financial Markets Conduct Act 2013.

From today the FMA is the primary regulator of misleading and deceptive conduct in relation to financial products and services. These include products and services such as term deposits, shares, and derivatives.

Responsibility for matters relating to consumer credit remains with the Commission. This includes products and services such as personal credit cards, loans, and mortgages.

To ensure a robust and efficient complaints process, as well as the protection of consumers’ interests, the Commission and the FMA have signed a Memorandum of Understanding (MOU).

“While the Commission and the FMA already have an excellent working relationship, the MOU formalises that relationship and clarifies our roles and responsibilities in light of the legislative changes that come into effect today,” said Commerce Commission Chairman, Dr Mark Berry.

“The Commission is committed to ensuring a smooth transition of responsibility to the FMA. We look forward to working with the FMA to ensure both agencies deliver services that benefit and protect consumers,” Dr Berry said.

Complaints about misleading or deceptive conduct in relation to financial products (that occurred after 1 April 2014) should be referred to the FMA. Complaints relating to conduct prior to 1 April, or to consumer credit, can be referred to either the Commerce Commission or the FMA.

Background

Under the Financial Markets Conduct Act 2013 (FMC Act) the FMA becomes the primary regulator of misleading and deceptive conduct in relation to financial products and services from 1 April 2014. Prior to 1 April, the Commerce Commission had primary responsibility for this conduct under the Fair Trading Act 1986.

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