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New Zealand’s financial regulator to financial services firms: Culture is lacking

Jaclyn Jaeger | August 10, 2018

New Zealand’s Financial Markets Authority, the government agency responsible for financial regulation, on Aug. 9 set out its work plan for the year ahead, as the conduct and culture of the country’s financial services industry comes under increased scrutiny.  

The priorities set out in the Annual Corporate Plan are based on the strategic risks to the FMA’s objectives and the drivers of those risks. The risks, outlined in its Strategic Risk Outlook, “represent the major sources of potential harm to customers or the integrity of New Zealand’s financial markets,” the FMA said. “The plan also breaks down the FMA’s work program by sector, outlining the areas of focus in the form of questions that we will ask and that we suggest firms ask themselves.”

In the 30-page plan, the risks that the...

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