Kō wai mātou • About us
The Council of Financial Regulators (CoFR) is made up of five agencies:
- Reserve Bank of New Zealand
- Financial Markets Authority
- Commerce Commission
- Ministry of Business, Innovation and Employment
- The Treasury.
We meet quarterly to discuss regulatory issues, risks and priorities for financial markets.
The Governor of the Reserve Bank and the Chief Executive of the Financial Markets Authority take turns to chair our meetings.
CEOs of each of the five agencies usually attend meetings, accompanied by one or two senior colleagues, with an emphasis on continuity of attendance. We may invite other regulatory agencies, or any other relevant organisations, to attend meetings as required.
We may also set up sub-committees and working groups as required to address particular issues, with membership drawn from CoFR agencies and others.
The Banking Forum is a sub-committee of the Council of Financial Regulators. It coordinates the work of several government agencies that regulate banks. The permanent members of the Council of Financial Regulators are the permanent members of the Banking Forum. The Ministry of Justice and the Inland Revenue Department are associate members.
Terms of reference for the banking forum (PDF 18KB)
The Insurance Forum is another sub-committee of the Council of Financial Regulators, which was established in October 2021. The forum meets quarterly and aims to contribute to the efficiency and coordination of insurance sector regulation by providing a space to discuss risks, issues and on-going and up-coming regulatory matters relating to licensed insurers. The permanent members of the Insurance Forum are: Reserve Bank of New Zealand (RBNZ); The Treasury; Commerce Commission; Financial Markets Authority (FMA); Ministry of Business, Innovation and Employment (MBIE); Financial Services Council (FSC); Insurance Council of New Zealand (ICNZ); Financial Services Federation (FSF); and the Earthquake Commission (EQC).
Terms of reference for the insurance forum (PDF 291KB)
The function of the Council is to facilitate co-operation and co-ordination between members to support effective and responsive regulation of the financial system in New Zealand.
Our main objectives are to:
- Identify and monitor important issues, risks and gaps in the financial system that may impinge upon achievement of member agencies’ regulatory objectives
- Develop a collective view on longer-term, strategic priorities for the financial system
- Agree on collaborative responses to issues requiring cross-agency involvement and put in place appropriate channels to deliver them.
Responsibilities and relationships
Our vision and activities operate within each agency’s framework of statutory responsibilities and the Government’s preferences and priorities.
Our Relationship Charter sets out how our members work together to deliver the CoFR vision.
Our members may formalise their bilateral working relationships through appropriate means such as a Memorandum of Understanding.