Ensuring financial product managers and supervisors have a clear understanding of their respective roles, and holding them to account, is central to building investor trust.
Part 4 of the FMC Act has a governance and accountability framework to achieve this goal. This framework applies to managed investment scheme (MIS) managers, debt issuers, restricted schemes and their respective supervisors or trustees.
This accountability framework imposes statutory duties of care on supervisors and on managers of MISs.
Managers of MISs must act in the best interests of investors. These general good conduct duties set the tone for the overall accountability framework and apply in addition to the more specific duties for particular circumstances.
Ensuring that managers and supervisors have a clear understanding of their respective roles, and holding them to account, is central to building investor trust.
Key components include:
If you are intending to launch a new KiwiSaver, superannuation, or workplace savings scheme you will need a certificate from the FMA before applying to register the scheme. See our information sheet on the FMA certification process for registration of new KiwiSaver, superannuation and workplace savings schemes to find out how to get started.
See our guidance and information sheets that detail the key accountabilities and responsibilities under the FMC Act:
Good corporate governance and board behaviour supports the principles underpinning the FMC Act.
Information about our expectations for good corporate governance can be found in these publications: