A review of the sector dates back to the International Monetary Fund (IMF) Financial Sector Assessment Programme 2017. The IMF recommendations include considering whether there is a case for recommending the establishment of a regulatory regime for custodians.
FMA director of regulation, Liam Mason, says a review of the sector is being done, but "it’s a multi-layered problem" and "it's not a simple model" because there are a number of different models being used.
He says the FMA's review has been useful as it's given the regulator "quite a granular look at the different models and risks that come through".
"We are looking at the findings and will decide what are the most important issues."
He said the FMA would "look to influence practice within the sector before saying we have run out of options and we have to regulate".
Mason says the FMA will publish a report later this year.
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