Fiji Island Financial Monetary Authority
The Fiji Financial Market Authority (FFMA) supervises and mandates regulatory practices for firms across the Fiji Islands. By enforcing a high level standard for industries and administering accountability measures, we create a safe zone for free, fair and open trade.
Intervention by the FFMA will come into play when we suspect and confirm mistreatment of customers and behavior that leads or results in illegal or unethical behavior. Supervised firms are categorized by company size and their field of service.
The Fiji Financial Markets Authority (FFMA) place companies into a ranking system, based on the size and activities conducted. In cases where companies do not treat their customers fairly, thus risking the normal modus operandus of the market the FFMA will take disciplinary action. We have a range of methods that we use in order to enforce our regulations.
When a company reaches a certain number of clients along with a certain amount of assets, the company enters into first rank and the FFMA will conduct continuous surprise assessments over a two year period. This means that the FFMA may request any file, document or information regarding any asset and it must be provided by the company within the specified time.
For companies listed in a lower rank, the FFMA assessment is less frequent and companies listed in the lowest rank will only go through assessment every fourth year.
The FFMA mandates that financial institutions provide accurate information and regular updates. In addition the FFMA release monthly reports about companies who do not properly release information to the public and their clients.
