The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has published its updated approach to Outcomes-Focused Regulation after considering wide ranging feedback from financial services firms, consumer groups and law firms.
An outcomes-focused approach means the FMA focuses its resources on the end results that regulation is aiming to achieve for consumers and financial markets.
In November 2023, the FMA published its approach to outcome focused regulation. It received more than 50 submissions from a range of interested parties. The consultation closed in March 2024, and the FMA has carefully considered and adjusted its approach to reflect the feedback.
Clare Bolingford, Executive Director, Regulatory Delivery said: "The approach focuses on the most significant risks and opportunities for New Zealand businesses, investors, and consumers, helps reduces unnecessary regulatory burden on the industry, and provides market participants with greater flexibility in meeting regulatory obligations."
In our public consultation last year, the FMA sought to test what fair outcomes are for consumers and markets.
"In this document we have reframed the outcomes in response to the feedback we received, to clarify them and to better show how they link to the FMA's main statutory objective and the purposes of our legislation," Ms Bolingford said.
Download Outcomes-Focused-Regulation approach [PDF 1.6MB]
