New Zealand FMA Releases 2021 Annual Report

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has recently published its annual report for the year to June 2021.

Throughout the year, the FMA continued to prepare for three new regulatory regimes, including the licensing and supervising of banks, insurers and non-bank deposit takers for conduct, climate-related financial disclosures that will become mandatory for some entities, and monitoring compliance with new requirements for insurers regarding policies and protections for customers.

Meanwhile, the FMA's interest in KiwiSaver fees shifted to a more holistic focus on value for money, with new guidance issued for all managed funds. And the new financial advice regime commenced, following strong engagement, consultation and collaboration with the industry and Government over the past five years.

Further, in response to the rise of online investment platforms, the FMA produced resources and online content to raise awareness of the risks and responsibilities related to share trading.

Liam Mason, FMA Acting Chief Executive, said: "2021 marked the FMA's 10th anniversary and while some focus areas have remained constant over the past decade, in other areas we continue to take on new responsibilities. The FMA is growing and adapting to implement these new responsibilities, which will benefit the wellbeing of New Zealanders. It is encouraging to see through our regular surveys that stakeholders continue to see the FMA as supporting market integrity and good conduct."

Mark Todd, FMA Chairman, said: "I want to acknowledge the enormous contribution and outstanding service of Rob Everett, who resigned as Chief Executive in late 2021 after a significant tenure. We're delighted that Samantha Barrass has now joined us as our new Chief Executive, bringing strong experience as a regulator and leader."