In October and November 2021, MBIE and the FMA consulted on changes to the FMA’s funding and levy. Following consultation, decisions about funding and levies for the ICL regime will be made at a later date and closer to when the Insurance Contracts Bill has been passed by Parliament.
17 written submissions were received. 1 submitter did not want their submission published and the remaining 16 submissions can be found below.
Read the submissions from the consultation on the discussion document(external link)
Outcome of the 2021 funding and levy review
In relation to the CoFI and CRD regimes, Cabinet agreed to increase the FMA’s operational funding by $15.596 million per annum in 2025/2026 and outyears. This will result in an increase to the FMA’s total annual operating funding from $60.805 million to $76.401 million in 2025/26. This increase will be phased over a 4-year period commencing in 2022/2023.
Regulations giving effect to Cabinet’s decisions on the levy for the CoFI and CRD regimes were made in August 2022. New levy amounts will apply from 1 September 2022.
Financial Markets Authority (Levies) Amendment Regulations 2022(external link) — New Zealand Legislation
More information about the funding and levy review
See the new levy changes set out in tables:
New FMA levies – 2021 funding and levy review