BIG to govt: the FMA should redirect focus to high-risk areas

A Boutique Investment Group (BIG) briefing to Minister for Regulation David Seymour, Minister of Commerce Andrew Bayly and Minister for Seniors Casey Costello says fund managers have faced a relentless stream of regulation in the past six years.

BIG wants this tapered off to let them properly bed in what is already in train and free up time to look at more important issues.

The regulatory stream of the last six years includes the value for money programme which, although not statutory falls under FMA guidance and expectations; climate change reporting; the FMA and Reserve Bank review on governance; liquidity risk management proposals; the shift towards ‘fair customer outcomes’; reform or new laws on privacy, AML/CFT and modern slavery and ongoing requirements of the Financial Markets Conduct Act.

Bayly has replied that the government is very aware of the issues, and he is working with his colleagues.