The FMA has developed a non-binding framework for industry when developing or reviewing the way it treats vulnerable customers. When considering your customer vulnerability practices, we would expect you to consult widely in developing your own terminology, procedures, and processes for assisting vulnerable consumers. These should focus on the evolving needs of the consumers you serve, should be appropriate for your business and in accordance with any specific legislative requirements. View the Council for Financial Regulators (CoFR) common understanding of the characteristics of a vulnerable consumer.
We are also a member of the Trans-Tasman Council on Banking Supervision, set up by the Australian Treasurer and New Zealand Minister of Finance. This was to encourage a joint approach to trans-Tasman banking supervision; promote and review crisis preparedness and enhance policy harmonisation, mutual recognition and trans-Tasman cooperation.
The FMA also has bilateral MOU obligations with 15 countries, the most significant being with the Australian regulator, ASIC. The FMA and ASIC signed a new MOU in relation to assistance and mutual cooperation on 28 August 2012.