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

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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

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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

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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

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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

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Government announces plans to reduce merchant service fees

The Government to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay.

12 May 2021

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CoFR releases consumer vulnerability framework

CoFR has agreed on a common understanding of the characteristics of a vulnerable consumer. This framework serves as a guideline to help industry in developing their own approaches to assisting vulnerable consumers.

CoFR, 30 April 2021

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Government introduces legislation to Parliament on climate-related disclosures

The Bill will make climate-related disclosures mandatory for most listed issuers, large registered banks, licensed insurers and managers of investment schemes.

MBIE, 13 April 2021

Reserve Bank publishes report on Māori Economy

This report on the Māori economy was produced by BERL, commissioned by RBNZ - Te Pūtea Matua in 2020. It expands on their 2013 report, providing a rich description of the many roles Māori play in the economy of Aotearoa New Zealand.

RBNZ, 28 January 2021