Crackdown on conduct
Commerce and Consumer Affairs Minister Kris Faafoi has unveiled a new regime to regulate financial conduct.
It follows the Reserve Bank and Financial Markets Authority’s (FMA) review of banks and life insurers, which highlighted concerns in both sectors, including insurers “passing the buck” to advisers on their client care obligations.
“Those reviews by the Reserve Bank of New Zealand and the FMA have also highlighted other problems in the banking and insurance sectors, which include weak systems for managing conduct risks and ensuring good conduct is a priority in their business,” Faafoi said.
“We will soon introduce new legislation to Parliament which will require banks, insurers and other financial service providers to put systems in place to make sure they treat their customers fairly,” he said.
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