Our monitoring and surveillance work with QFEs is:
Monitoring a QFE will typically start with discussions with senior management and the QFE's own compliance monitoring team. We will start with the question, 'How do you know your compliance arrangements work?' The robustness of a QFE's compliance monitoring will be a key factor in the amount of surveillance undertaken by FMA. We may also conduct on-site visits and interview other management and staff.
Work focuses on the QFE's capacity to ensure compliance by its advisers. The current focus for QFE monitoring will be on 4 key areas:
In addition, we will continue to explore entity-level conflicts and disclosure.
Our expectations in these areas are covered in the QFE ABS guide and in a summary of feedback from the application process (which can also be downloaded in PDF format below).
Our current monitoring and surveillance activities for QFEs include:
We have already engaged with a number of QFEs about:
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