Based on the risks and opportunities identified in the sector risk profile, we have identified the following strategic priorities. These, along with the principles that govern our approach to regulation, help us focus activity and allocate resources.
Our five key areas of focus
Governance, culture, systems and controls
Regulated firms exhibit a customer-centric culture that serves the needs of customers. In particular, firms have appropriate governance, incentive structures, sales and advice processes, and systems to manage conduct risk.
Credible deterrence of misconduct
We deter misconduct through effective enforcement action, particularly in relation to trading misconduct (eg insider trading and market manipulation), misconduct on our perimeter, failure to meet AML/CFT requirements, and misleading and deceptive conduct (ie enforcing fair dealing provisions of the Financial Markets Conduct Act 2013).
Successful implementation of potential remit changes
We deliver policy objectives while minimising transitional costs to firms and risks to customers – particularly in relation to the Financial Services Legislation Amendment Act (FSLAA) and potential changes to the conduct regulation of banking and insurance.
Investor and customer decision-making
Investors and customers are engaged and make active choices based on clear, concise and effective information.
Promoting trust and confidence in capital markets
Through improved quality of audit, disclosure and financial reporting, and effective oversight of NZX and other licensed capital-raising platforms.
We have developed a risk management framework to help identify risks to the key areas of our operations.
The risk management framework sets out the policy and principles, design and implementation, monitoring and review, recording requirements and continuous improvement of the framework. As part of the framework, we maintain an operational risk register.
The effectiveness of our risk management framework is owned and reviewed by the executive leadership team throughout the year and is subject to oversight by the Audit and Risk Committee (which reports to the Board).
The Board also receives quarterly reports on operational risk. The operational risk framework aligns closely to the FMA’s process and framework for identifying and managing our more external and market-focused strategic risks.
We publish our view of strategic risks in our strategic risk outlook.
Rob was appointed chief executive in November 2013 and joined the FMA in February 2014. Originally from the United Kingdom, Rob was previously a director with regulatory consultancy Promontory Financial Group. Before that he spent 17 years at Bank of America Merrill Lynch in Europe, Asia and North America.
Rob brings a truly global perspective to the leadership of the FMA and has experience in investment banking, legal and risk management.
Chief Operating Officer
Brad leads the FMA’s corporate services team which includes the strategic and day-to-day functions of our finance, facilities, technology and project management functions.
Brad has had extensive experience, predominantly as a senior finance executive, both in New Zealand and internationally having worked in the United Kingdom, Asia and New Zealand. He was most recently the Group CFO for the NZX listed company Finzsoft Solutions and has also held CFO roles for Mondelez International and Merck Inc.
Director of External Communications and Investor capability
Louise leads the FMA’s External Communications and Investor Capability team. Louise is an experienced communications professional who has worked in New Zealand, Australia and Asia.
She previously worked in the corporate affairs team at ANZ Bank and prior to that was a Partner at a local public affairs agency, where she ran their operations in New Zealand, then Asia. A former journalist, Louise has also held public affairs roles in Sydney and worked as a government press secretary in Australia.
Director of Market Engagement
John leads the FMA’s market engagement activities. He is an experienced senior executive, director and consultant in the financial services industry. In previous roles, he was the co-founder of the Assure NZ Group, managing director at Guardian Trust and general manager wealth management at AXA.
Director of Regulation Acting Co-Director, Capital Markets - Conduct
Liam leads and oversees the licensing and supervision of all financial markets participants, from individual AFAs through to KiwiSaver providers. He is also responsible for the FMA’s compliance frameworks, contacts, and intelligence functions.
Liam has extensive experience in securities law and corporate governance matters, advising on securities and financial services law and policy, Crown entity governance and legal compliance.
General Counsel Acting Co-Director, Capital Markets - Disclosure
In addition to advising the FMA executive and board, Nick leads the FMA’s enforcement and litigation, policy and governance, corporate legal and internal audit teams. He also works closely with the FMA’s frontline regulatory functions.
Nick joined the FMA having returned to New Zealand from the UK, where he was most recently the global head of conduct risk and contentious regulatory compliance at Barclays Investment Bank. Prior to joining Barclays, Nick was a partner in the London office of the law firm Berwin Leighton Paisner, having previously been a partner at another international law firm, Mayer Brown. At both firms Nick led the London based financial services regulatory teams, advising financial institutions on the requirements of the UK and European regulatory regimes, and the provision of financial products and services. Nick was also a member of the City of London Law Society Regulatory Committee.
Director of People and Capability
Sarah leads the FMA’s people and capability function, including recruitment, employment relations, organisational culture and performance management.
Sarah has worked with a number of professional services firms. She was a member of the senior leadership team for a national advertising agency. Before joining the FMA in 2016, Sarah was HR Manager at one of New Zealand’s top law firms.
Director of Strategy & Stakeholder Relations
Scott leads FMA’s strategy team and the Stakeholder function. He was previously FMA’s Manager of Government and Industry Relations and Acting Head of Stakeholder Management and managed the 2016 review of retirement income policies. His experience includes Government Relations Manager at Bank of New Zealand, and communications and advisory roles in local and central government, as well as working for a not-for-profit think-tank and public affairs consultancy.