Back
Page last updated: 21 July 2023

Financial Institutions

The CoFI Act creates a new market service of “acting as a financial institution." We refer to this market service as the “financial institution service”. The licence for this new market service will be known as a “financial institution licence”. 

For more information on the legislation, please visit our CoFI page 

Image relating to financial institutions in New Zealand .

Any registered bank, licensed insurer, or licensed non-bank deposit taker in the business of providing one or more relevant services will need to hold a financial institution licence to continue operating, if that service is received by a consumer in New Zealand.  

View our financial institution licensing page for more information

Our team has fielded a number of questions from various financial insititutions about licensing. Please take a moment to read through the licensing FAQs ahead of applying for your licence.

View the financial insitutions licensing FAQs page

A fair conduct programme (FCP) means policies, processes, systems and controls that are designed to ensure the financial institution’s compliance with the fair conduct principle. A financial institution’s FCP must be in writing and must meet the minimum requirements set out in the CoFI Act.

View our fair conduct programme page for more information

Also known as the Conduct of Financial Institutions regime (CoFI), it introduces a new regulatory regime to ensure registered banks, licensed insurers and licensed non-bank deposit takers comply with the fair conduct principle when providing relevant services to consumers. The fair conduct principle is the overarching principle of CoFI that a financial institution must treat consumers fairly. 

Read more about the legislation on the CoFI page

Featured

Financial institution licensing guide

This guide explains how to make an application for a licence, and the criteria you will need tomeet to obtain a licence.

Standard conditions for financial institution licences

All financial institutions and their authorised bodies need to comply with standard conditions to obtain and maintain their licence.

Fair Conduct Programme 

This document provides useful information to assist financial institutions in the preparation of a Fair Conduct Programme (FCP).

Latest

Consultations
08 Sept 2023
Consultation: Climate-related disclosures timing challenge
The FMA is consulting on a proposed exemption to exempt certain climate reporting entities from the requirement to include a link to their climate sta ...
Reports and papers
05 Sept 2023
Governance Thematic Review
A joint RBNZ and FMA thematic review examining the policies, processes and operational practices of boards of financial institutions in key areas of g ...
Media releases
05 Sept 2023
RBNZ and FMA Governance Thematic Review outlines good practices and areas for improvement
A cross-sector thematic review of regulated entities’ governance practices by the Reserve Bank of New Zealand (RBNZ) and the Financial Markets Autho ...
Speeches & presentations
16 Aug 2023
Speech by Clare Bolingford to the Financial Services Council Conference 2023
Clare Bolingford, FMA Executive Director, Regulatory Delivery. Speech to the Financial Services Council Conference, 16th August 2023.
Media releases
16 Aug 2023
Advisory: Financial Services Council conference speech by Clare Bolingford
FMA, Executive Director for Regulatory Delivery, Clare Bolingford spoke to the Financial Services Council annual conference today, on the theme of bui ...
Speeches & presentations
28 Jul 2023
Presentation by the FMA: Scenario analysis in the CRD regime
Webinar presentation about Scenario analysis in the Climate related disclosures (CRD) regime.