FMA sets out its work plan for the year ahead

FMA sets out its work plan for the year ahead

The FMA has released its annual corporate plan as the conduct and culture of New Zealand’s financial services industry comes under greater scrutiny.

The plan sets out the work the FMA intends to undertake in the year ahead. The FMA can and does respond to changes in the market but strategic priorities are not expected to alter as the year progresses.

The FMA/RBNZ Conduct and Culture review now underway demonstrates this. The review brought forward some areas of work set out in last year’s plan and intensified work in other areas that was already underway.

Rob Everett, FMA Chief Executive said, “While the FMA continues to foster a collaborative approach with industry, firms have now had sufficient time to understand their obligations and our expectations under the new regulations introduced over the last few years.

We have become increasingly impatient with instances of a lack of attention to better customer outcomes and strong conduct frameworks from parts of the industry.

In the year ahead, the FMA expects firms to be able to provide concrete evidence of progress they’ve made in putting good conduct outcomes at the heart of their business.”

The FMA’s strategic priorities remain the same as last year, with the addition of perimeter misconduct as a stand-alone priority. A developing theme is also the current legislative reviews of the financial markets eco-system that could affect the FMA.

The FMA Annual Corporate Plan can be found here. The FMA’s other core documents are:
• Strategic Risk Outlook
• Statement of Intent
• Statement of Performance Expectations
• Annual Reports

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