Mystery shopping programme identified deficiencies in QDAP and TVC sales practices. Insurers and intermediaries with adverse findings will be required to take remedial actions.
December 29, 2022Digital insurers and takaful operators will initially be subject to a lower minimum paid-up capital requirement during a 3-5 year foundational period.
November 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, 2022Some incentive systems used in retail banks' front offices may unintentionally push staff to prioritise business objectives over customer outcomes.
May 26, 2022Digital insurers and takaful operators should have a minimum paid-up capital of MYR 40 million during the foundational phase.
January 6, 2022Frontline staff with more positive perceptions of customer and conduct outcomes had incentives that emphasised both financial and non-financial factors.
November 24, 2021Preliminary observations from the review show that banks are increasingly considering both financial and non-financial factors when designing incentive systems.
November 22, 2021Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.
September 24, 2021Authorities are assessing whether existing regulatory approaches are fit for the purpose of regulating the financial operations of bigtechs.
March 17, 2021