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New Zealand Prepares for Conduct Licensing Regime

New Zealand Prepares for Conduct Licensing Regime

by Starling Insights

Starling Insights Editorial Board

Dec 12, 2022

Observations

New Zealand NZ FMA Managing Culture & Conduct for Good Governance Culture & Conduct Supervision Regulatory Trends Culture for Regulators The Era of Accountability

New Zealand's Financial Markets Authority (FMA) has issued guidance materials and information sheets on the new Conduct of Financial Institutions (CoFI) regime. Backed by the Financial Markets (Conduct of Institutions) Amendment Bill, the new regime will require banks, insurers, and non-bank deposit takers to be licensed based on how they treat consumers. CoFI is expected to come into force in early 2025.

Among the documents is a licensing guide, which clarifies the license application process. The documents also contain guidance on establishing, implementing, and maintaining Fair Conduct Programs designed to ensure compliance with the regime's fair conduct principle.

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