FMA CEO Rob Everett says the regulator, which has asked the New Zealand government for more funding and the power to take immediate action against misconduct in the banking and insurance industries, was optimistic the government would follow through and introduce new legislation before next year's general election. FMA general counsel Nick Kynoch said it would use all of the enforcement powers available to it, which included bringing civil and criminal cases, reported RNZ. "We have given participants the opportunity to put in place the appropriate systems and controls," Kynoch said. "That period has naturally drawn to a close and market participants can expect to see a firmer response to instances of misconduct."