FSC media release as follows:
2 February 2017
FSC supports FMA’s view that good conduct is good business
The Financial Markets Authority (FMA) today released revised guidance - “A guide to the FMA’s view of conduct” (Guide). The Financial Services Council of New Zealand (FSC) wholeheartedly supports the FMA’s view that good conduct is good business.
Richard Klipin, FSC Chief Executive Officer, says the FMA wants the market to aim high.
“The FSC supports the FMA’s aim, but the regulator must always identify what is an obligation and what is an aspiration. The FSC welcomes the better-defined scope of this Guide, and particularly confirmation that the Guide does not replace or supplement existing obligations.”
Richard says the focus on customers in the Guide aligns with the approach taken by members of the FSC.
“The new Guide has better clarity on what it means to provide good customer outcomes. The FSC is supporting members by developing a Code of Conduct, which will assist members to demonstrate a good conduct profile.
“FSC members work hard to support their customers. But the new emphasis in the Guide that customers are also required to make good decisions is welcome. The FSC strongly supports the Guide’s focus on good governance, fairness and transparency,” he says.