Crown entities we monitor
We monitor the Financial Markets Authority and the Commission for Financial Capability.
Financial Markets Authority
Established on 1 May 2011, the Financial Markets Authority (FMA) is the market conduct regulator for New Zealand's financial markets. The Financial Markets Authority Act 2011(external link) establishes the FMA as an independent Crown Entity and sets out its functions.
The FMA’s main objective is ‘to promote and facilitate the development of fair, efficient, and transparent financial markets’. It is responsible to the Minister of Commerce and Consumer Affairs.
The FMA is funded in part by an industry levy, and charges fees for work it completes on behalf of market participants.
Commission for Financial Capability
We have policy responsibility for fostering financial capability in New Zealand and monitor the Commission for Financial Capability on behalf of the Minister of Commerce and Consumer Affairs.
The Retirement Commissioner heads the Commission and is responsible to the Minister of Commerce and Consumer Affairs and the Minister for Housing and Urban Development. The Retirement Commissioner has functions under 2 acts:
The Retirement Commissioner is required to complete a review of retirement income policy in New Zealand every 3 years.