Understanding of financial fairness measured

Research commissioned by the Financial Markets Authority (FMA) shows 72% of people expect fair treatment from their financial service provider.

The research comes before March 2025, when financial institutions, including banks, insurers, and non-bank deposit takers, will be required to ensure they treat consumers fairly under the Financial Markets (Conduct of Institutions) Amendment Act (CoFI).

The research centred on a consumer survey of about 3,000 New Zealanders who answered a range of questions about fairness.

They assessed 33 hypothetical scenarios that people could have experienced with financial providers, evaluating how fair each scenario was on a scale.