Why consumers get value from regulation – even though they don’t know it.
The person who is never at the table but can’t be overlooked – in terms of the regulatory conversation providers
Just as the consumer is not at the table when we are making regulatory decisions– the FMA as the regulator is not at the table when the consumer is making an investment decision either.
So even though unseen, the regulator needs to:
Ensure the consumer view i...
Enforcing legislation in a complex financial environment.
I recently returned to NZ from a long stint in the UK, having most recently come from what many might say is the dark side - an Investment Bank that certainly had its fair share of conduct issues and enforcement actions. In Auckland, it feels very different and yet very similar in that many of the issues that we grapple with are the same issues facing other jurisdictions.
Trust and confidence in financial services – Are we there yet?
Given the phased implementation of the FMC Act, it’s easy to forget that the FMA was actually set up over two years before that Act was even passed. It was our fifth birthday on May 1. Actually we did get one present. A formal complaint from Winston Peters.
Anyway….. the FMA’s early years were dominated by wading in the rubble of the finance company collapses. That work is largel...
I have been thinking recently about how we should deepen the conversation on conduct and culture with the Financial Services sector.
And right now - across the globe - conduct and ethics in FS is top of the list. Here, too, it is close to our hearts. I’m not going to give you a lecture on culture, especially tonight, but I thought I would try to set out where we as the ‘conduct regulator’ are expecting to operate.
What is the lens we use when we lo...
Financial Markets Conduct Act – transitional tips for financial reporting
We’re in transition. The Financial Markets Conduct Act 2013 (the “FMC Act”) is a once in a generation rewrite of New Zealand’s securities law.
It consolidates and updates the requirements for a number of financial markets participants and is being phased in over two years.
As at the date of this article more than 250 entities have already reported under the new requiremen...
Regulatory prosecutions – the experience so far
I have been asked to speak about the FMA’s experience of bringing criminal proceedings in a commercial context and offer some insights that may be of relevance to this audience given the incoming criminalisation of cartel conduct.
Certainly, whilst we are still a young organisation in relative terms, the FMA has had its fair share of such experience with several prosecutions brought und...
This is a risky engagement for me.
I’m an Englishmen in a room which is mostly Aussies and New Zealanders.
And as a former lawyer who ran off to become a banker I have two questionable professional choices to my name.
So, I can’t afford too many wise-cracks about the professions.
Or sport, especially with the Ashes hopefully still a sore point for some of you, but with the Rugby World Cup only two weeks away and England and Australia...
Welcome to New Zealand, and thank you for your interest in our market.
You’re hearing from other speakers about our broader economy and economic environment, as well as on specific aspects of investment in New Zealand.
The opportunity I have is to provide a bit of context around NZ’s regulatory framework, how this has been strengthened in recent times, and how it has responded to the lessons of the financial crisis and also challenges in our own market.
The overall theme I have is that the...
Thank you for that introduction Geoff. I’m delighted to be down here in Queenstown.
I’d also like to introduce my colleague Simone Robbers. Simone is our Director of Primary Markets and Investor Resources and has led our recent work with the IoD and directors more generally on corporate governance. We’d both be very happy to take questions or to just chat afterwards.
A few weeks back I read a profile of Ross McEwan, the New Zealander who is CEO of the Royal Bank of Scotland in the UK...
The subject I’ve been asked to talk about is how to deal with the FMA when things go wrong.
We’d prefer that never happens.
Despite what you might believe from what you read in the media, sorting out things going wrong is only a proportion of our work.
The rest of what we do is dedicated to ensuring things go right.
Special role of legal practitioners
As legal advisers, you will be advising firms on meeting their regulatory obligations.
Ensuring compliance is one thing – making sure clie...
Thank you for the invitation to speak today.It’s great to speak to at a conference hosted by a fund provider and advisory firm that is fully New Zealand-run and that has been providing investment solutions for New Zealanders for almost two decades.Most of the funds or big providers I speak to are at least partly run from offshore.Indeed, many of them have Sydney or Melbourne on speed-dial.There’s only a few of the medium-size or bigger firms - like you - that have their feet firmly planted...
ROCK STAR ECONOMY
Thank you for inviting me to speak to you today.
One of the questions – posed as part of the theme at this conference – is can you have confidence the regulatory environment?
Indeed, this is a good point in the investing cycle to ask the question and I guess that although ours will not be the only view – we at the FMA ought to have one!
The New Zealand public market is in a strong growth phase. In the year to date, $5 billion dollars in new capital was listed on NZX's m...
This morning I am going to cover the following areas:
- Expectations of directors – that’s expectations held by the regulator - but also by shareholders and consumers.
- Some remarks specific to New Zealand, notably on conflicts of interest and the pool of director talent in New Zealand and how we can improve it.
- The Financial Markets Conduct Act, and the opportunities it brings not only for financial services firms, but firms that are issuing debt or equity, or raising funds in some way...
What does success look like in the new regulatory environment?
I am grateful to speak to you today – as FMA’s adviser work has only recently been brought within my mandate. So it’s a very timely opportunity to speak with you about how I’d like our regulatory relationship to be in the new environment we’re all facing. So I look forward to spending more time with you, during the breaks today and of course in the future.
At most, there around 90 people delivering FMA’s...
Thank you for the opportunity to speak today. I am going to address the issue of regulation and its impact on productivity.
Any survey that I read – of bankers, insurers, or retail businesses in financial services – names regulatory burden as a top concern.
That’s even more so in Australia, the US and the UK than it is in here New Zealand.
Nonetheless, if the surveys are right, many of you think that the regulatory load – in the last two to three years – is too high.
Well, I spent 20...
Let me start by stating the obvious – As compliance and risk professionals, you have a major role to play in how our industry conducts itself.
So thank you for coming along today to hear from me.
As a regulator, I realise there are limits on what we can do directly. Much of our work requires us to get someone else to do something or to deliver our message.
And that’s often people in roles like yours.
So, to a considerable extent, systematic outcomes – in financial services and capital ma...