Financial regulator to get $5m capital investment

Simon Power
Simon Power
The Government's new financial regulator has been given $5 million in today's budget to cover its capital costs as it expands.

The extra spending for the Financial Markets Authority (FMA) would cover the cost of office facilities for increased staff numbers, as well as information technology infrastructure and applications.

The FMA, which aims to boost investor confidence in financial markets, began operations this month.

The $5m capital investment comes in addition to $24m of funding for the 2011-12 year announced ahead of the budget.

Some $6.8m set aside in today's budget, but included in the previously announced $24m, would cover the FMA's operating and litigation costs over its first period of operations.

Commerce Minister Simon Power said the Government had committed the extra resources to ensure investors had access to the information they needed to make informed investment decisions.

Add a Comment