New Zealand’s Financial Markets Authority (FMA) says it has increased its capabilities, enforcing new regulations and aiming to raise confidence.

“This reporting period has seen the FMA become a fully fledged financial markets conduct regulator,” CEO Rob Everett said when releasing the authority’s annual report. “Our focus remains on building confidence in the robust framework that supports the financial markets.”

Mr Everett says the FMA will regulate more than 11,000 businesses, professionals or savings and investment schemes, to varying degrees, over the next year.

The authority’s responsibilities include overseeing financial advisers and insurance brokers, plus wider market activity.

The FMA enforces the Financial Markets Conduct Act, which started to take effect earlier this year under phase one of a reform program. The second phase begins next Monday.

“We’ve built our capability processes and expertise so we can administer the… Act over the long term,” Mr Everett said.