As of this week, new financial conduct standards have taken effect in New Zealand under the Conduct of Financial Institutions (CoFI) regime, with the Financial Markets Authority (FMA) assuming an expanded oversight role.
The framework, effective March 31, requires licensed financial institutions to implement fair conduct programs to ensure consistent consumer protection. Under the new regime, the FMA has issued a total of 77 licenses to 46 insurers, 17 banks, and 14 non-bank deposit-takers. "CoFI is fundamentally about treating customers fairly," said Michael Hewes, Director of Deposit Taking, Insurance, and Advice at the FMA.
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