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.
The Council of Financial Regulators (CoFR) held its quarterly meeting on Tuesday 27 August 2024. The meeting was chaired by the Chief Executive of the Financial Markets Authority Samantha Barrass. The focus of the meeting was the final report of the Commerce Commission’s market study into personal banking services. The Council also took time to share their individual agency priorities and received an update on the work on basic bank accounts.
30 August 2024
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The Commerce Commission, Te Komihana Tauhokohoko, has published its final report following its market study into personal banking services. The report makes a suite of recommendations for improving competition in this market, designed to work together to support new entry and expansion, reduce the regulatory barriers to competition and empower consumers to get better prices and services.
20 August 2024
The Council of Financial Regulators (CoFR) Insurance Forum has set a vision for New Zealand’s insurance sector. The vision is for a sector that is forward-looking, fair, stable, competitive and efficient, promoting informed and confident participation by consumers and business.
8 August 2024
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The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for New Zealand’s financial sector for Q2 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. The next update is planned for end September.
27 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
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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
The Relationship and Regulatory Charters set out the goals, principles, roles and functions of CoFR.
The two Charters:
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.
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.
To help facilitate a smooth transition to a low-carbon and climate-resilient economy, while supporting the soundness and efficiency of the financial system.
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.
To ensure the regulatory system facilitates innovation that improves outcomes for customers and financial system participants.
To coordinate the work of CoFR agencies to improve consumers’ access to, and understanding of, financial services, particularly in hard-to-reach communities.
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.