FMA welcomes Government announcement on expanded remit

The FMA (Financial Markets Authority) today welcomed the Government’s announcement that it would introduce legislation to create an oversight regime for regulating conduct in the banking and insurance sectors.

FMA chief executive Rob Everett said the FMA and Reserve Bank had highlighted gaps in the regulation of banks and insurance in their joint thematic reports on conduct and culture in both sectors.

“The Government has said today it intends to close these gaps and give us the mandate to implement and enforce conduct obligations across both sectors,” said Mr Everett.

“We look forward to working with industry to implement any changes passed by Parliament to ensure banks and insurance companies serve the needs of their customers.”

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