Formal statement on the Council of Financial Regulators review
The Council of Financial Regulators (CoFR) is embracing the findings from a self-commissioned independent review by Sapere as a timely and necessary catalyst for change.
The review confirms what we suspected: CoFR has a strong foundation of trust and collaboration, but it must change now to meet the needs of a fast-moving financial system.
CoFR recognised the need to challenge our assumptions, reflect on our impact, and establish whether our structure was fit for purpose to deliver the best possible outcomes for New Zealand’s financial system.
Sapere’s report acknowledged that CoFR played a key role supporting New Zealanders to navigate the financial impacts of the pandemic, both before and after its peak.
While we are encouraged by the review’s acknowledgement of CoFR’s achievements and potential, it also calls out areas where the focus had become blurred, and where the structures had not kept pace with the challenges we face.
Sapere’s independent review involved more than 35 stakeholder interviews, desk-based research and facilitated workshops. We appreciate the participation of many industry stakeholders and industry associations who helped shape the review.
CoFR Heads have agreed to develop a new operating model for CoFR that incorporates aspects of Sapere’s proposed selective engagement and taskforce models.
Further information on this model will be published alongside the quarterly update in early December.