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Screenshot of a breaking news alert e-mail from Q2 2017
The FMA has acknowledged the announcement by Commerce and Consumer Affairs Minister Paul Goldsmith of government approval to increase FMA funding.
The Government has approved an increase in funding of $9.8 million. While the Crown and levy payers will continue to share the costs of funding the FMA, this increase has been made possible by the Government approving an increase in the portion of funding sourced from levies paid by the financial services industry. This will take effect from the 2017-18 financial year (1 July 2017).
It is well-timed given that the transition to the FMC Act is now largely complete and the last major piece of the licensing framework (the licensing of managed investment schemes) will be in place on December 1st.
The FMA also acknowledges the many industry stakeholders who provided valuable input to the consultation process.