17 November 2011
The Financial Markets Authority has published on its website a report written by management consultants Oliver Wyman detailing the findings of local stakeholder research. The research was conducted at the point FMA was established earlier in 2011.
The report is based on over 30 interviews and 71 completed surveys with stakeholders across industry, government and other market participants.
It outlines stakeholder priorities clearly and comprehensively, articulates strategic priorities for FMA and highlights challenges to implementation.
Core themes that emerge are; the need for strong, decisive enforcement, commercial familiarity, excellent market intelligence and analysis, plus open and timely communication with the public and other stakeholders.
Industry participants stated they were seeking clear guidance and constructive engagement.
FMA Chief Executive Sean Hughes said "This report serves as a roadmap for us and has formed the basis of our thinking for the recently released Statement of Intent.
"It was important to canvass market opinion at the outset on where our focus should be, what the expectations were from market participants, and to better understand the challenges ahead.
"We inherited a sizeable historical caseload combined with the task of setting up a new organisation.
"We are now six months in and we are seeing real momentum with forward looking activity as we issue warnings, guidance notes, and seek consultation with the market on key trends. We'll keep the momentum up through 2012, and importantly we'll keep listening to stakeholder feedback and input on how we're tracking."