NZ will restructure its twin peaks regulatory framework, simplify licensing requirements, and reform the Companies Act, CoFI, and CCCFA.
February 1, 2024The Financial Markets Authority urges firms to prepare applications early and establish a fair conduct programme before the Conduct of Financial Institutions (CoFI) regime takes effect on 31 March 2025.
July 26, 2023The guidance sets out the FMA’s expectations on the distribution of financial products through intermediaries under the new CoFi regime.
June 28, 2023The draft guidance covers any situation where an intermediary is involved in the distribution of a financial institution’s products or services.
February 23, 2023The 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, 2022Banks, insurers and non-bank deposit takers will need a ‘financial institution licence’ issued by the FMA starting in early 2025.
July 21, 2022