This plan should be read alongside the Strategic Risk Outlook 2019, which has not been refreshed as it provides a medium-term view of the most significant risks to and opportunities for promoting fair, efficient and transparent financial markets.
In his introduction to the report, FMA chief executive Rob Everett says while New Zealand saw major economic disruption due to the Covid-19 pandemic, it was not as severe as predicted and financial services firms generally appear to have managed the crisis well.
"However, the work is not done. The FMA and the firms we regulate are operating against a backdrop of economic uncertainty, significant regulatory change, adoption of new ways of working, and changes in customer and investor preferences, including how they access financial services.
"Areas where we see the need to respond to rapidly developing conditions include products and services that have ESG (environmental, social and governance) aspects, fintech innovation, and the risks from cyber attacks or technology failures.
In addition, as both we and the industry navigate the recovery, our key focus must be on the customer. At the heart of good conduct is understanding and responding to changing customer needs," Everett says.
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