AMP unites industry ahead of increasing regulation

AMP unites industry ahead of increasing regulation

Leading life insurer and retirement savings provider, AMP has joined forces with the Financial Markets Authority (FMA) to host the inaugural Qualifying Financial Entities (QFE) Round Table.

Attending the session were senior representatives from 46 QFEs from around the country and 10 FMA members from the compliance division.

The purpose of the forum was to discuss emerging issues for QFEs and provide an opportunity for QFEs to get together to discuss with the FMA, the common themes arising in their businesses. .

Therese Singleton, Executive Legal Counsel, at AMP says: “With an increasing regulatory regime across the financial services industry, it was likely that all the QFEs across New Zealand were experiencing many of the same issues. We thought there would be an immense opportunity, and indeed benefit, by bringing together all the QFEs to discuss the issues we are facing, identify constructive solutions and provide a consolidated industry-wide response to the FMA.

“Earlier in the year, we canvassed the idea with FMA of creating a group to represent QFEs, and following significant interest, we went ahead with organising the inaugural event. Discussions at the initial forum included consideration of what input the QFE industry participants should have into the forthcoming review of the Financial Adviser's Act, the substantial impact of the FMCA and clarifications around breach reporting.” concludes Singleton.

Elaine Campbell, Director of Compliance, at the FMA says: “QFEs are one of the many sectors that are now within our regulatory mandate. We’re pleased to support initiatives like the QFE Round Table. This is an excellent forum for discussing a wide range of issues in an informal and constructive setting that helps maintain an open relationship for us and the sector.”

Following positive feedback from attendees, the Round Table will now meet in March, with the next meeting to be hosted by Westpac.

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