Where the FMA is headed

Clare Bolingford, FMA executive director of regulatory delivery who is responsible for licensing and monitoring outlined the regulator’s near term strategy at the Financial Services Council Conference recenty.

With the Financial Markets Conduct Act coming up to its 10th year, the last decade has seen real signs of growing confidence and maturity in the investment management sector, she said.

There has been a 500% growth in KiwiSaver funds, surging interest in retail investment, and  investor confidence has reached 75% according to the watchdog’s latest investment sentiment survey. Having CoFI and  the new financial markets infrastructure in place, brings New Zealand more in line with international jurisdictions, said Bolingford.

With CoFI licensing now open she invited firms to begin considering applications now and get them in as early as possible.