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

COVID-19 Level 4 Essential Services – Financial Sector

Auckland is at Alert Level 4. The rest of New Zealand is at Alert Level 2.

Financial services are not included as ‘Alert level 4 businesses or services’ in the Public Health Response (Alert Level Requirements) Order (No 9) 2021.

However, the Director General of Health has declared that registered banks, licensed non-bank deposit taking entities, licensed insurers and certain other firms may operate as Alert Level 4 businesses or services.

The activities of firms are limited to critical financial services and subject to the conditions of the exemption.

CoFR continues to meet regularly to discuss the impact of COVID-19 and consider ways to support the industry in tackling the challenges it presents.

8 September 2021

Council of Financial Regulators: meeting on 31 August 2021

The Council of Financial Regulators (CoFR) met on 31 August 2021. The meeting took place online due to Level 4 restrictions. The group discussed the impacts of the Covid-related lockdown and the extensive engagement there has been with the financial services industry.

3 September 2021

CoFR role to be mandated under new legislation

CoFR will receive statutory recognition in July next year through the Reserve Bank of New Zealand Act 2021, which has just passed its third and final reading.

As well as strengthening the way the Reserve Bank operates and is governed, the legislation gives CoFR a mandate to support effective and responsive regulation of New Zealand’s financial system.

11 August 2021

Photo credit: rawpixel.com

Timetable of Regulatory Initiatives

CoFR has released an updated timetable for regulatory initiatives affecting the financial sector, covering plans for the rest of 2021 and throughout 2022.

10 August 2021

Photo credit: freepik, tirachardz

Cross-sector thematic review on governance

The Reserve Bank of New Zealand (RBNZ), Te Pūtea Matua and the Financial Markets Authority (FMA), Te Mana Tātai Hokohoko will be working together to conduct a cross-sector thematic review on governance, covering banks, insurers, non-bank deposit takers and investment management firms. The review will focus on the boards of regulated entities and their ability to effectively govern and provide oversight.

9 August 2021

Photo credit: freepik, liuzishan

New FinTech Forum website launched

Innovation thinking, enabled by tech adoption, creates benefits for consumers, businesses and New Zealand. The new FinTech forum website – CoFR’s official forum for FinTech-related regulation – launched on 19 July. It is a single point for FinTech regulatory enquiries directed at any of our member agencies.

19 July 2021

Photo credit: freepik

Fit and Proper Person certification

The Commerce Commission’s Fit and Proper Person certification regime went live on 1 June 2021 with certification of directors and senior managers of consumer credit providers becoming compulsory from 1 October 2021.

Commerce Commission, 1 June 2021

Ngā tuhinga matuaKey documents

The Relationship and Regulatory Charters set out the goals, principles, roles and functions of the Council of Financial Regulators (CoFR) – Kaunihera Kaiwhakarite Ahumoni.

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.

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 risks RBNZ

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

Conduct FMA

To develop coordination and joint action on conduct issues, and ensure that financial institutions maintain progress in these areas.

Digital and innovation FMA

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

Inclusion ComCom

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

Regulatory burden and barriers to entry RBNZ

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.