FMA levy misses the mark

The New Zealand Bankers’ Association today expressed disappointment at the government’s announcement on the way it intends to levy the financial sector to fund the Financial Markets Authority.

“Banks are well-regulated responsible lenders operating at the top end of the market.

“The levies should better reflect the costs and benefits where they actually fall,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“The FMA has an important job to do to crack down on the irresponsible end of the market. The benefits to already responsible participants are not at all evident compared to the costs they are being asked to shoulder,” added Hope.