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.

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COVID-19 and the Financial Sector

New Zealand is operating under the COVID-19 Protection Framework.

Financial services firms should follow the appropriate COVID-19 guidance for business.

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.

3 December 2021

Photo credit: freepik, tirachardz

Council of Financial Regulators: meeting on 30 November 2021

The Council of Financial Regulators (CoFR) met on 30 November 2021 at the Treasury. The group discussed cyber resilience, the role of credit unions and building societies, CoFR’s ongoing work on conduct and governance and financial inclusion, and the forthcoming meeting of the Trans-Tasman Banking Council.

2 December 2021

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Regulatory Initiatives Calendar

The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector. This document is produced to help industry understand the aggregate picture of initiatives from CoFR members that are either planned or under way, including details of a summer break in engagement with the industry.

12 November 2021

CoFR publishes FinTech roadmap

The CoFR FinTech group has developed a set of business and regulation related information designed to help FinTechs operating in New Zealand.

The guide sets out how fintech fits within the current regulatory regime, and should support improved regulatory coordination.

The guide is available on the site.

5 November 2021

RBNZ releases Climate Changed 2021 & Beyond

Te Pūtea Matua - Reserve Bank of New Zealand has released Climate Changed 2021 & Beyond, our report on our climate change strategy and work. This report outlines its actions to mitigate and manage the significant economic risks associated with climate change. This is the first significant report that we have released since launching our Climate Change Strategy in 2018.

26 October 2021

CoFR celebrates significant milestones

There are big changes under way for the Council of Financial Regulators (CoFR) as it marks its tenth birthday. Its five members have signed a new Memorandum of Understanding, its first full-time adviser has come on board and its vital role has been recognised in legislation.

11 October 2021

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 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 and governanceFMA

To develop coordination and joint action on conduct and governance issues including directors’ responsibilities, 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.