Independent review of CoFR underway (Quarterly Statement – June 2025)

CoFR Heads met on 4 June to discuss an independent review of the Council of Financial Regulators (CoFR).

The CoFR review is now in progress to assess its effectiveness and make recommendations on how to implement a more strategic and purposeful future state.

The review will examine CoFR’s structure, governance, and alignment with its statutory purpose. It will also examine similar overseas models and explore ways to improve efficiency and reduce regulatory duplication.

CoFR will continue to carry out external meetings with industry bodies, deliver a regulatory initiatives calendar, work that has been agreed through Cabinet papers, and Community of Practice engagements. Other work has been paused, and no new work is being undertaken.

A final report is expected in mid-July 2025. Read a copy of the terms of reference (PDF 100KB).