Problems identified with custody arrangements
It has released the results of a thematic review conducted by PwC of the custody arrangements of managed investment schemes.
In 2017, the International Monetary Fund published its review of the New Zealand financial sector, which recommended considering separate licensing and direct supervision of custodians of managed investment schemes.
The FMA said it had also received reports of inconsistent practices by different custodians and involving different types of assets.
Supervisors are responsible for funds’ custody, holding and safeguarding assets and keeping accurate records. They may appoint another independent person as custodian.
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