Under the Financial Markets Conduct Act (FMC Act), we have wide powers to make designations that change the way products or services are regulated. Our two designation powers are:
Businesses can apply for a designation to be made in respect of financial products, providing reasons why they believe a designation is justified.
While no designations have been made under the FMC Act yet, we are aware market participants operating under the FMC Act regime face a number of issues. We are currently considering a number of designations so please see our Consultation section for more information.
Find out what to include in your designation application and how how long it will take.