FINANCIAL MARKETS AUTHORITY

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    NZ Banking Reform Group Urges FMA to Use New CoFi Powers Against Banks

    By Sanday Chongo Kabange | 16/04/2025

    The Banking Reform Coalition wants the FMA to force banks to pass lower interest rates to consumers sooner.

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    New Zealand’s CoFI Implementation Starts Well, Says FMA

    By Thisanka Siripala | 08/04/2025

    The FMA issued a report presenting findings from a review of 38 fair conduct programmes from FIs operating in New Zealand.

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    Enforcement

    New Zealand FMA Files Civil Action Against IAG for Fair Dealing Breaches

    By Thisanka Siripala | 08/04/2025

    Approximately 269,000 customers were affected by incorrect pricing breaches, with overcharges totalling NZD 35 million.

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    New Zealand FMA Launches Review on Financial Advice Accessibility

    By Thisanka Siripala | 04/04/2025

    The review will inform the FMA’s approach to reducing regulatory burdens and enhancing the provision of financial advice across New Zealand.

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    Market Infrastructure

    New Zealand’s CoFI Regime Enters Into Force

    By Sanday Chongo Kabange | 31/03/2025

    The CoFI regime requires banks, insurers, and non-bank deposit takers to establish, implement, and maintain effective fair conduct programmes.

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    AML / KYC

    NZ DIA Issues Formal Warning to NZForex for AML Failures

    By Thisanka Siripala | 25/03/2025

    3,182 transactions over six years were not reported to the FIU due to a system issue that was identified and self-reported by NZForex.

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    New Zealand FMA Adopts “Outcomes-Focused” Regulatory Approach

    By Thisanka Siripala | 20/03/2025

    The FMA is seeking to be more “proportionate” and “impactful” in its regulatory efforts, rather than “getting bogged down by minor compliance matters.”

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    AML / KYC

    FMA Issues Alert on Fake Online Investing Platforms

    By Sanday Chongo Kabange | 19/02/2025

    The FMA has identified a “large network” of fake online investing platforms involving 96 duplicate websites or platforms.

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    Securities / Derivatives

    NZX Updates Rules on Director Independence

    By Editors | 26/12/2024

    Issuers wlll have to explain not only that a director is independent, but also why any potential conflicts identified were not disqualifying.

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    Enforcement

    FMA Says Westpac NZ Admitted to Overcharging 24,000 Customers

    By Editors | 24/12/2024

    The bank self-reported the issue, fully cooperated with the FMA’s investigation, and provided remediation to impacted customers.

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