Commerce Minister, Simon Power has made an announcement that a super regulator is going to be introduced in order to manage New Zealand’s monetary markets.

It means that the whole financial sector is going to be managed by solitary overarching authority.

He stated that the Financial Markets Authority would be established to combine functions that are at present, fragmented amongst the Securities Commission, the Ministry of Economic Development and the NZX.

While delivering a speech, Mr. Power said that this move is at the centre of the Government's strategy, in order to reinstate the confidence of mum and dad investors in the nation’s monetary markets.

Mr. Power stated that a center of the focus of the FMA would be on observable, proactive and appropriate enforcement.

It would put into effect securities, financial reporting and business law, as they are applicable to services and securities markets.

It would also control and supervise trustees, auditors, monetary consultants and financial service providers that would include people, who offered to make investments.

Dunedin Fiscal Services Consultant, Craigs Myles, of Myles Wealth Management, greeted the formation of the FMA, however had a word of caution for the Minister.

It is expected to see the FMA acting more like an arbitrator rather than an assassin.