FMA to host forums on COFI implementation
Clare Bolingford, the FMA’s Director of Banking and Insurance, says guidance will be published to clarify the FMA’s expectations of providers and intermediaries but it first wants to collaborate with the sector to ensure COFI’s objectives were met and that there are “no unintended consequences”.
Bolingford was taking part in a panel discussion organised by the Financial Services Council.
“We have a real opportunity here to deliver regulation that’s proportionate to the industry and supports you in delivering the overarching principle of treating customers fairly,” she said.
But for the legislation to work effectively, a change of mindset will be needed. The COFI regime is intended to cover the whole relationship with the customer rather than just focusing on the point of sale, Bolingford says.
“It means paying due regard to the customer’s interests – putting the customer at the forefront. Firms will need to have a whole-of -company strategy about how they think about the customer.
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