MOUs signed
Sunday, April 19th 2015, 7:15PM
FMA has signed memorandums of understanding (MOU) with the Insurance Savings Ombudsman and the Banking Ombudsman Scheme.
It signed MOUs with the FDRS and FSCL last year.
The MOUs set out of a framework for consultation and co-operation to enable reviews of complaints to help the FMA and the schemes achieve their objectives.
Liam Mason, FMA’s General Counsel, said: “We’re pleased to get these MOUs in place as this shows our commitment to work together with agencies that can help the FMA discover early warnings of potential harm. Greater co-ordination between our agencies helps us to better serve the public and raise confidence in financial services, by improving our understanding of thematic or systemic issues. The insights we gain from the DRS help us to regulate in a more preventative and collaborative way and this is a positive step for investors, consumers and the financial markets.”
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