Nau mai, haere mai. Welcome.

The Council of Financial Regulators (CoFR) – Kaunihera Kaiwhakarite Ahumoni – contributes to maximising New Zealand’s sustainable, economic wellbeing through effective and responsive regulation of the financial system in New Zealand.

Ngā tariAgencies

Pānui pāpāhoLatest news

CoFR Members June 2024 Meeting

Quarterly Statement by the Council of Financial Regulators – June 2024

The Council of Financial Regulators (CoFR) held its quarterly meeting on Wednesday 5 June 2024. The meeting was chaired by the Governor of the Reserve Bank of New Zealand Adrian Orr. The Council discussed the current focus of each of the CoFR members, noted the progress being made across each of the five identified priority themes for the financial system, and discussed the priorities and challenges for the general insurance sector with the CEO of the Insurance Council of NZ.

7 June 2024

Photo credit: rawpixel.com

Regulatory reforms announced – updated RIC

On Sunday 21 April 2024 the Minister of Commerce and Consumer Affairs, Andrew Bayly, and the Minister of Housing, Chris Bishop, announced a two-phased package of reforms to streamline financial services, with consultation papers to be released in the coming weeks.

We have published an updated CoFR Regulatory Initiatives Calendar (RIC) to reflect these changes.

For more details on the announced reforms see Ministers’ announcement and MBIE financial services reforms page

22 April 2024

Photo by Eduardo Soares on Unsplash

Consultation opens on a digital currency for New Zealand

The Reserve Bank of New Zealand (RBNZ) has published a consultation paper, Digital Cash in New Zealand. The RBNZ is sharing its latest thinking on what digital cash could look like in New Zealand, how New Zealanders could use it and what benefits it could bring. This is part of the work required to deliver CoFR’s vision for the future of New Zealand’s payments landscape.

The consultation is open until 26 July 2024.

18 April 2024

Adrian Orr

Op-Ed: A trusted, inclusive, resilient, and competitive financial system

The following op-ed by Council of Financial Regulators co-chair and RBNZ Governor Adrian Orr was published in the New Zealand Herald on Monday 1 April 2024.

2 April 2024

Photo credit: rawpixel.com

Regulatory Initiatives Calendar - Q1 2024

The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector for Q1 2024. This document is produced to help the sector understand the aggregate picture of regulatory initiatives from CoFR members that are either planned or under way.

28 March 2024

CoFR Members March 2024 Meeting

Quarterly Statement by the Council of Financial Regulators – March 2024

The Council of Financial Regulators (CoFR) held its quarterly meeting on Thursday 7 March 2024. The meeting was chaired by the Governor of the Reserve Bank of New Zealand Adrian Orr. The Council discussed the work programme and priorities of the new Government; the challenges posed by climate change with the Chairperson of the Climate Change Commission; and assessed the current state of New Zealand’s payments landscape against the vision it set out in July 2023.

12 March 2024

Ngā tuhinga matuaKey documents

The Relationship and Regulatory Charters set out the goals, principles, roles and functions of CoFR.

The two Charters:

  • set clear expectations for what we intend to achieve
  • outline our key principles for the design of the regulatory systems
  • describe the respective roles and functions of the five member agencies.

CoFR Relationship Charter

Our vision and activities operate within the framework of the statutory responsibilities set for each agency and the preferences and priorities set by Government. Our charter sets out how we work together to deliver the vision.

CoFR Regulatory Charter (PDF 718KB)

The regulatory charter promotes good regulatory stewardship to monitor the performance and quality of the financial markets regulatory system.

CoFR has agreed a Memorandum of Understanding to facilitate consistent cooperation and mutual assistance between CoFR members.

CoFR Memorandum of Understanding

The Memorandum of Understanding is a statement of the members’ intent to work together and cooperate in relation to the regulation of New Zealand’s financial system.

Ngā aronga matuaPriority themes

These are the current focus areas for CoFR. They represent the priority areas for CoFR, but the activities undertaken under each of them may vary – for example, taking forward specific projects or developing communities of interest to ensure that agencies can build a common understanding of the risks and opportunities in each area.

Climate-related risks

To help facilitate a smooth transition to a low-carbon and climate-resilient economy, while supporting the soundness and efficiency of the financial system.

Economic Resilience

To maintain an up-to-date and shared understanding of the cyber risk and financial fraud and scams landscape and ensure effective coordination and cooperation among CoFR agencies when dealing with cyber incidents that affect New Zealand’s financial system and to reduce the harm arising from financial fraud and scams.

Digital and innovation

To ensure the regulatory system facilitates innovation that improves outcomes for customers and financial system participants.

Financial Inclusion

To coordinate the work of CoFR agencies to improve consumers’ access to, and understanding of, financial services, particularly in hard-to-reach communities.

Regulatory effectiveness

To coordinate the work of CoFR agencies to ensure that regulatory initiatives are developed and implemented in a joined up manner, to minimise burdens on the financial sector and ensure that they do not cause unintended barriers to entry.