The New Zealand financial services regulator is warning the sector that more needs to be done for a customer-focused culture.
A Financial Markets Authority report acknowledges large parts of the financial services sector are working hard to meet the FMA’s expectations.
But FMA chief executive Rob Everitt called for further and more widespread improvements to governance and compliance.
He also warned some of the issues identified in its monitoring over the past 18 months were concerning - and he anticipated the regulator would take increasingly strong action where “deficiencies are not remedied appropriately or in a timely manner”.
The CEO said: “We are at a point now where the volume of FMA guidance, level of engagement and maturity of the regulatory regime mean there are no excuses for conduct that presents the risk of harm to investors, customers and the integrity of the markets.
"While we have seen positive evidence of genuine…