Customers can expect fairer treatment from banks, insurers and other financial service providers as the Government moves to introduce a new regime to regulate financial conduct, Commerce and Consumer Affairs Minister Kris Faafoi said.
The Minister of Commerce and Consumer Affairs says a number of life insurers still need to lift their game after an underwhelming response to the Reserve Bank of NZ (RBNZ) and Financial Markets Authority (FMA) conduct and culture review.
Commerce and Consumer Affairs Minister, Kris Faafoi, says key areas of opportunity have been highlighted in a report released today to ensure New Zealand’s capital markets continue to support sustainable economic growth.
The Government is changing the KiwiSaver rules so that people with congenital life-shortening conditions can withdraw their savings when they retire, Commerce and Consumer Affairs Minister Kris Faafoi announced today.
A new Code of Conduct will ensure all financial advice provided to Kiwis is of good quality, Commerce and Consumer Affairs Minister Kris Faafoi says, because this advice is crucial in helping Kiwis achieve the lifestyles and retirement they want. Read more.
Commerce and Consumer Affairs Minister Kris Faafoi says New Zealanders should have better access to quality financial advice as a result of changes in the Financial Services Legislation Amendment Bill, which passed through Parliament today. Read more.
Commerce and Consumer Affairs Minister Kris Faafoi today confirmed Mark Todd as the new Chairman of the Financial Markets Authority (FMA), and Chris Swasbrook as an associate member. Mr Todd takes over from Murray Jack, whose term expires at the end of April 2019. Read more.
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.