FMA COVID-19 Update 23 March 2020

The Government has confirmed that financial services are essential services that need to continue to operate when New Zealand moves to Level 4 in its COVID-19 response.

The FMA expects this will include all consumer and business financial services and financial services infrastructure including but not limited to: banking services, NZX and broking services, payment and settlement system providers, funds management including KiwiSaver, insurance services, support services such as administrators, supervisors and custodians.

We encourage industry to advise customers and investors how it intends to operate over the coming weeks and also reassure them they can continue to access their funds. Firms are best placed to identify the services essential to maintain operations and financial stability.