Secondly, we issued a conduct guide for feedback. This will be a cornerstone document that underpins how we will approach conversations with our licensees across all financial services around what they deliver for their customers. It lays out some of the factors we look for in the behaviour of licensed firms (and individuals) in our monitoring and supervision activities. It is however a guide and not a code of conduct. For financial advice, it does not replace the AFA code of conduct which will be revised in line with the Minister’s FAA review recommendations.
Thirdly, MBIE’s consultation on our funding and levies review published last month sets out a range of future funding models for the FMA. It seeks feedback on the appropriate funding level for us, on how FMA levies should be apportioned across the industry and on how our funding is split between industry and the taxpayer.
As part of our preparation for that review, we asked Deloitte to scrutinise the effectiveness and efficiency of our operations and structure. We are in the midst of implementing most of their recommendations although some are dependent on the result of the funding review. We thought it would be useful to share those with you so on our website we have published Deloitte’s letter which summarises their recommendations and how we are responding to them.
Survey results
Thank you to everyone who responded to our two recent surveys on the Strategic Risk Outlook and our website. Overall the feedback was positive and suggestions to improve these were helpful. See later in this update for further details.
Rob Everett
Chief Executive, FMA
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