RIAA welcomes the FMA providing insight into its approach to regulation and focus on demonstrating good conduct.
The 7 outcomes proposed by the FMA encourages a focus away from a culture of compliance to a focus on how all areas of an organisation function effectively to deliver the outcomes within the individual context of each business.
To further assist industry, RIAA recommends the FMA:
- explain the metrics which may be used to measure whether each of the 7 outcomes have been achieved, noting that outcomes-focused regulation does not change the laws and consequences attached to conduct;
- include references and examples relating to sustainability, in recognition of consumers’ increasing focus on investing their money responsibly; and
- ensure consumers have consistent and comparable information regarding financial products, through supporting a product labelling regime in NZ, anchored to the industry standard set by RIAA’s Responsible Investment Certification Program.