The FMA will begin accepting licence applications on 25 July 2023. The new CoFi regime will come into force in early 2025.
December 4, 2022Conduct issues in the life insurance and banking sectors resulted in over NZD 43 million and NZD 109 million in customer remediation, respectively.
October 8, 2022Two consultations have been issued, including an exposure draft on regulations defining prohibited volume-based sales incentives.
October 1, 2022The FMA will prioritise work on three new legislative regimes: financial advice licensing, climate-related disclosures, and conduct licensing.
August 30, 2022Banks, insurers and non-bank deposit takers will need a ‘financial institution licence’ issued by the FMA starting in early 2025.
July 21, 2022Banks, insurers and non-bank deposit takers will be required to obtain a conduct licence from the FMA, on top of their prudential licences from the RBNZ.
July 1, 2022