Quarterly Statement by the Council of Financial Regulators – December 2025
The Council of Financial Regulators (CoFR) held its quarterly meeting on Tuesday 2 December 2025.
The meeting was chaired by Financial Markets Authority Chief Executive Samantha Barrass.
The Council approved the revised CoFR operating model, that sees CoFR adopting a leaner, more strategic and system focused model. The new model prioritises horizon scanning, introduces targeted taskforces, and streamlines engagement to better address system-wide risks and opportunities.
The Council acknowledged previous CoFR initiatives and contributions, noted the Finance and Expenditure Committee’s report into banking competition and the Government’s response, and discussed next steps for implementing the new operating model, including the expected 2026 work programme.
In addition to farewelling outgoing Commerce Commission Chief Executive Adrienne Meikle, CoFR welcomed new Heads: Reserve Bank of New Zealand Governor and CoFR co-chair, Dr Anna Breman, and Acting Chief Executive of the Commerce Commission, Raj Krishnan. The Council also recognised Christian Hawkesby’s significant contribution to, and support of, CoFR’s work in his capacity as Reserve Bank of New Zealand Governor, particularly during the CoFR review. The Council also recognised Christian Hawkesby’s significant contribution to, and support of, CoFR’s work in his capacity as Reserve Bank of New Zealand Governor, particularly during the CoFR review.
The next meeting will be held in Q1 2026. Co-Chairs will meet ahead of this meeting to provide monitoring and oversight of emerging regulatory risks and opportunities.