Observations
Dec 12, 2022New 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.
Observations
Apr 19, 2021The Royal Bank of New Zealand (RBNZ) — the country’s central bank — has established a new enforcement department that will work to incentivize and manage prudent behavior and to hold institutions to account for non-compliance.
