Samantha Barrass' Speech to the Financial Services Council Outlook 2025
Key Highlights:
Regulation with Purpose: Barrass emphasized the Financial Markets Authority's (FMA) focus on effective regulation that prioritizes the needs of consumers, investors, and financial firms alike, ensuring that regulation isn't just about compliance, but achieving tangible, positive outcomes.
FMA's Role in Innovation: The FMA is fostering innovation in financial services, including launching a pilot regulatory sandbox in collaboration with FinTech NZ. The sandbox allows companies to test new products and services in a controlled environment, offering insights into the potential risks and benefits of these innovations.
Support for Economic Growth: The FMA continues to support the government’s economic growth agenda, focusing on encouraging private market investments and reducing barriers to compliance.
Conduct Regulation: The FMA will continue its work on financial advice regulation and address misleading and deceptive conduct with proactive enforcement, ensuring firms meet consumer protection standards.
CoFI Regime: The implementation of the new Conduct of Financial Institutions (CoFI) regime, which comes into force next month, will be a major area of focus, with efforts to support firms in delivering fair conduct and ensuring competition in the banking sector.
New Financial Conduct Report: The FMA will be releasing a new publication, the Financial Conduct Report, similar to the Reserve Bank’s Financial Stability Report. It will highlight key conduct issues, showcase best practices, and offer a forward-looking view of risks in the sector.
Looking Ahead to 2025: The FMA’s focus in the year ahead will be on tangible, meaningful improvements that support New Zealand’s financial markets, promoting transparency, fairness, and efficiency, while supporting innovation and growth.
https://www.fma.govt.nz/library/speeches-and-presentations/financial-services-council-outlook-2025/
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