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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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New Zealand Parliament Passes CoFI Bill

New Zealand Parliament Passes CoFI Bill

by Starling Insights

Starling Insights Editorial Board

Jul 12, 2022

Observations

Outcomes-Based Regulation New Zealand NZ FMA Consumer Protection The Era of Accountability Regulatory Trends RBNZ

In 2018, joint reviews conducted by the FMA and Reserve Bank of New Zealand identified a significant gap in financial services regulation. They found that banks and insurers didn't have sufficient systems in place to monitor the risks of poor conduct or outcomes.

In late June, New Zealand's Parliament passed the Financial Markets (Conduct of Institutions) Amendment Bill. The legislation, also referred to as the “CoFI" bill, introduces a new regime that will require financial institutions to comply with a “fair conduct principle.” A firm's license to do business will depend on how New Zealand's Financial Markets Authority (FMA) assesses its conduct toward consumers.

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