FMA's Clare Bolingford says the 491 issues reported by banks & life insurers resulting in $152m of customer remediation unlikely to have been reported if the regulator hadn't asked

Can't see the article, but in reality don't need to.  Once again the FMA knocks the tip of the iceberg and spins the story like they caught the biggest fish in the ocean.  They are so far off catching the biggest fish that if they actually even caught sight of it they would probably wind in their fishing line for fear of actually hooking it and have the boat drawn under.

There is a very big difference between self reporting and thorough investigation.  At this point it seems the banks will throw a few small fish the way of the FMA but if the FMA actually went hunting with the right tools then they might just find the big fish.  Finding them and catching them are of course two different stories.  We all have great stories about the one that got a away but only a few have the evidence of actually having caught one.