Consultation: Proposed fair outcomes for consumers and markets

December 2024 update 

To keep stakeholders informed, we have now published the submissions received on our fair outcomes consultation.  The fair outcomes consultation sought industry feedback on the outcomes that the FMA had identified as important for consumers of financial services and for New Zealand’s financial markets.  There was support in the feedback for the intention of using customer and market outcomes as a basis for prioritising our work.  However, submitters also expressed a range of concerns, including that the focus on detailed outcomes statements gave an impression that these would be treated as new rules or compliance obligations for firms and that it was unclear how the FMA would operationalise outcomes focus in practice.  

We have taken time to consider this industry response to our consultation.  We agree that it would be beneficial to explain the FMA’s regulatory approach so that providers and other stakeholders understand how we intend to use outcomes focus to prioritise and carry out our work.  We intend to publish this in 2025.