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2023 UPDATE | New Zealand

2023 UPDATE | New Zealand

by Starling Insights

Starling Insights Editorial Board

Jun 07, 2023

Compendium

New Zealand RBNZ NZ FMA Regulatory Trends Consumer Protection The Era of Accountability Outcomes-Based Regulation Culture & Consequences Culture & Conduct Supervision Managing Culture & Conduct for Good Governance

Conduct and Culture Concerns

Between 2018 and 2019, the Reserve Bank of New Zealand (RBNZ) and the country’s Financial Markets Authority (FMA) initiated joint reviews of banks and insurers, asking that they report on culture and conduct issues which may require customer remediation.1 In October, the FMA said that banks and insurers had returned $150 million to customers following these reviews. Of this, 11 banks paid $109 million to rectify impacts to 952,000 customers. And insurers paid $43 million to resolve 225 issues.

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