New Zealand’s continued access to key global financial markets is assured after legislation aligning New Zealand’s financial markets law with new international regulations reached its first milestone, Commerce and Consumer Affairs Minister Hon Kris Faafoi says. Read more here.
The New Zealand Government will closely analyse the outcomes of the Australian Royal Commission but has already committed to ensure consumer interests are protected in the banking and insurance sector.
A review of bank conduct, released today by the Financial Markets Authority (FMA) and Reserve Bank of New Zealand (RBNZ), identifies instances of poor conduct by bank staff and weaknesses in bank processes to manage them.
Mr Faafoi will meet with Hon Clare O’Neil, Shadow Minister for Financial Services and will discuss the Australian Royal Commission’s enquiry into misconduct in the banking, superannuation and financial services industry.
Finance Minister Grant Robertson and Commerce and Consumer Affairs Minister Kris Faafoi have met with the RBNZ and the FMA to discuss their previously announced review of the conduct and operations of the financial sector.
Commerce and Consumer Affairs Minister Kris Faafoi is encouraging public feedback on proposed regulations that will make it easier for consumers to understand the whole picture when receiving financial advice.
KiwiSaver providers disclosing in dollars the total fees charged to their investors is a step forward for Kiwis towards achieving the best retirement savings, Minister for Commerce and Consumer Affairs Kris Faafoi says.
Commerce and Consumer Affairs Minister Kris Faafoi says the first reading of the Financial Services Legislation Amendment Bill in Parliament today is the first step in a significant package of changes to ensure all Kiwis can get good quality financial advice based on their individual needs.