Observations
Apr 03, 2025As 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.
Observations
Nov 29, 2021Reserve Bank of New Zealand (RBNZ) deputy governor Geoff Bascand said Westpac’s board in New Zealand needs significant improvement around risk governance processes after an independent report found “material shortcomings.” An RBNZ commissioned report also points to a variety of additional problems, including poor communication, excessive formality at board meetings, overstretched resources, and a reactive approach to risk management.
