The head of New Zealand's investment watchdog believes there needs to be more co-operation between the country's regulators to avoid potential gaps in the market.
Sean Hughes, chief executive of the Financial Markets Authority said New Zealand had a lot more regulators of its finance industry compared to the much larger Australian market.
In Australia there are two main financial industry watchdogs - prudential regulator APRA (Australian Prudential Regulation Authority) which oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies and most members of the superannuation industry, and ASIC (Australian Securities and Investments Commission) which oversees all market conduct.
In NZ there is a combined central bank and prudential regulator for the banks. These are the Reserve Bank and the FMA, which oversees market conduct. But the job of regulating other parts of the industry is also split between the Commerce Commission which looks at consumer credit, the Ministry of Economic Development and the Serious Fraud Office.
"It is a fairly crowded space for a population of four million. All I am doing is asking - is there greater efficiency for us to have a better joined up regulatory model?"