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Clare Bolingford, Director of Banking and Insurance Conduct at New Zealand’s Financial Markets Authority (FMA), recently appeared on the Of Interest Podcast to discuss the origins of New Zealand’s conduct regime and how it will protect consumers.

In November 2018, the Reserve Bank of New Zealand (RBNZ) and the FMA released a report titled “Bank Conduct and Culture.” In the wake of misconduct scandals brought to light by the Hayne Commission in neighboring Australia, the central bank and regulator reviewed New Zealand’s 11 largest banks to identify any culture or conduct-related risks lurking in the sector locally. While the review concluded that these issues were not widespread in the country’s financial system, it did find a concerning lack of proactivity in identifying and mediating conduct risks.

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