We don’t want people to feel the only safe place for their money is under their mattresses. That’s why this week, National introduced a bill to create the Finance Markets Authority (FMA).
The collapse of finance companies highlighted gaps in the ability of the regulators to supervise and enforce our financial markets. The FMA will pull together the regulatory functions currently fragmented across the Securities Commission, the Ministry of Economic Development, including the Government Actuary, and the NZX. The FMA will also have a new power to enforce duties of issuers, directors, auditors, trustees, and others involved in financial markets, when it's in the public interest to do so.
We’re working hard to give investors a level of information that enables them to easily compare schemes, make informed choices, and restore mum-and-dad investor confidence in our financial markets. That, in turn, will boost Zealand’s capital markets, creating jobs, and providing better living standards for all New Zealanders
More information:
http://beehive.govt.nz/release/new+powers+financial+market+super+regulator
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