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Chapman Tripp has made a submission to Te Mana Tātai Hokohoko, the Financial Markets Authority (FMA), on the draft guide “Fair outcomes for consumer – a guide to outcomes-focused regulation”.
We generally support the FMA’s transparency of its priorities and objectives, as well as the FMA's desire to achieve measurable improvements for New Zealanders. However, we also caution that, as drafted, FMA’s guide risks imposing significant additional compliance burden on the financial services industry in a manner which potentially exceeds the requirements imposed by law. Our submission provides suggestions to clarify how the outcomes should apply to individual providers, to avoid inadvertently becoming a new set of rules.
