Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Legal and regulatory update for the life and health insurance sector
ASIC issue update on licensing; AML/CFT reforms to come; FMA research on KiwiSaver providers; RBNZ publish Governor's speech on improving Māori access to capital; APRA release June 2024 quarter insurance statistical publications; Updated AML/CFT Programme Guideline released.
11 Oct 2024 - ASIC issues 2023-24 update on licensing and professional registration activities. https://asic.gov.au/about-asic/news-centre/news-items/asic-issues-2023-24-update-on-licensing-and-professional-registration-activities/?altTemplate=betanewsroom
13 Oct 2024 - The Government will reform New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. https://www.beehive.govt.nz/release/government-provide-significant-regulatory-relief-business
14 Oct 2024 - Research from the FMA has found most KiwiSaver providers are well placed to manage their exposure to the commercial real estate market but more work can be done to mitigate and communicate the risks. https://www.fma.govt.nz/news/all-releases/media-releases/research-on-cre-and-the-kiwisaver-industry/
14 Oct 2024 - RBNZ publish Governor Adrian Orr's keynote speech: Improving Māori Access to Capital. https://www.rbnz.govt.nz/hub/news/2024/10/improving-maori-access-to-capital
14 Oct 2024 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the June 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-june-2024
14 Oct 204 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have released the updated Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Programme Guideline. https://www.dia.govt.nz/Updated-AML-CFT-programme-guideline---October-2024
Legal and regulatory update for the life and health insurance sector
RBNZ refresh financial stability indicators; RBNZ give development update on the Tara-ā-Umanga Business Expectations Survey; FDRS members' forum and AGM date released; new law strengthens ASIC's ability to respond to risks around financial market infrastructure; APRA release response to consultation.
18 Sep 2024 - The Reserve Bank of New Zealand has refreshed its chart pack of Financial Stability Indicators that help to inform its assessment of financial stability risks. The updated indicators feature data on:
• Households;
• The housing market;
• Businesses and agriculture;
• The resilience of Banks and Non-Bank Deposit Takers; and
• Liquidity, funding and financial markets.
https://www.rbnz.govt.nz/hub/news/2024/09/rbnz-releases-updated-financial-stability-indicators
19 Sep 2024 - The Reserve Bank of New Zealand have given a development update on the Tara-ā-Umanga Business Expectations Survey. They plan to run two more pilots (in October 2024 and January 2025) before expecting to commence regular publication of the April 2025 survey in May 2025.
19 Sep 2024 - The Financial Dispute Resolution Service's Members' Forum and Annual General Meeting is on 22 October 2024, 3.30 pm. https://fdrs.org.nz/resources/news/fdrs-members-forum-and-annual-general-meeting-2024/
19 Sep 2024 - ASIC welcomes the new Australian financial market infrastructure (FMI) laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system. The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 strengthens the existing regulatory regime, ensuring ASIC and the Reserve Bank of Australia (RBA) (together, the Regulators) have strong and dependable powers to monitor, manage and respond to risks related to FMIs. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-208mr-asic-receives-new-powers-under-financial-market-infrastructure-reforms/?altTemplate=betanewsroom
23 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has released its response to its July 2024 consultation on the remaking of Prudential Standard APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book (Advanced ADIs), which is due to sunset on 1 April 2025. https://www.apra.gov.au/news-and-publications/apra-remakes-prudential-standard-aps-117-capital-adequacy-interest-rate-risk
Legal and regulatory update for the life and health insurance sector
The Minister for Commerce and Consumer Affairs announces policy decisions on Financial Services Reforms; FMA publish Jane Brown's speech; APRA consultation on minor updates; new appointees to FMA board; ASIC release enforcement and regulatory update; Cabinet exempt buy now, pay later providers from CCCFA provisions; FMA publish research on the use of AI in financial services sector; Finance and Expenditure Committee recommends the Contracts of Insurance Bill move forward; Hon Andrew Bayly's August 2024 diary released; APRA propose changes to the capital framework for banks in relation to hybrid instruments; FMA publish insights from funds that claim to have ethical features.
5 Sep 2024 - The Minister for Commerce and Consumer Affairs has announced policy decisions on Financial Services Reforms and indicated the Government intends to introduce a bill in December 2024 addressing the proposed reforms.
For consumer credit legislation the decisions are to:
Regulate consumer creditors via a market services licence, to simplify and streamline current regulatory arrangements.
Remove the due diligence duty and attendant personal liability for senior managers and directors.
Retain the consequences for failure to make initial disclosure or disclosure of agreed changes, but only where the borrower or the FMA can show the failure caused harm.
Retain the high-cost credit provisions as they are currently (no changes)
Exempting Buy Now Pay Later providers from the fee requirements in ss 41 and 44A of the CCCFA
For financial services conduct legislation, the decisions are to:
Simplify and clarify minimum requirements for fair conduct programmes.
Retain the current open-ended definition of the fair conduct principle (no changes)
Require the FMA to issue a single licence covering different classes of market services, including for consumer credit where applicable.
Allow the FMA to rely on an assessment made by the Reserve Bank of New Zealand (RBNZ) in some circumstances.
Introduce change in control approval requirements.
Introduce on-site inspection powers for the FMA.
For effective dispute resolution, the decisions are to:
Enhance the process for reviewing the schemes (noting further work is underway in relation to key performance indicators, scheme governance arrangements and a single front door web portal). "
https://www.beehive.govt.nz/release/improving-access-finance-kiwis
5 Sep 2024 - The FMA publish Jane Brown's speech to the New Zealand Insurance Law Association 2024 Conference. https://www.fma.govt.nz/library/speeches-and-presentations/speech-to-new-zealand-insurance-law-association-2024/
6 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has released for consultation a number of minor updates to the prudential framework for authorised deposit-taking institutions (ADIs), general, life and private health insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-consults-on-minor-updates-to-prudential-framework-for-adis-insurers-and
7 Sep 2024 - Tracey Berry, Nicholas Hegan and Mariette van Ryn have been appointed to the Financial Markets Authority Board for a five-year term ending in August 2029, while Chris Swasbrook, who has served as a board member since April 2019, has been reappointed. https://www.goodreturns.co.nz/article/976523586/3-new-fma-board-members.html
9 Sep 2024 - ASIC released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-199mr-asic-to-target-misconduct-in-banking-and-superannuation-sectors/?altTemplate=betanewsroom
9 Sep 2024 - Cabinet has decided to exempt New Zealand's three surviving fintech buy now, pay later service providers from default fee provisions in the Credit Contracts and Consumer Finance Act (CCCFA). https://www.interest.co.nz/personal-finance/129607/gareth-vaughan-questions-whether-fintech-buy-now-pay-later-sector-deserves
10 Sep 2024 - The Financial Markets Authority has published research on the use of Artificial Intelligence (AI) in New Zealand’s financial services sector. The FMA will host a roundtable on 1 October 2024 with the study participants to further explore how AI and GenAI is being used in New Zealand’s financial services and how firms are managing risks. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-artificial-intelligence-in-financial-services/
10 Sep 2024 - New Zealand’s Finance and Expenditure Committee has recommended that the Contracts of Insurance Bill move forward and proposed several key amendments aimed at reshaping the insurance landscape. https://www.insurancebusinessmag.com/nz/news/breaking-news/committee-backs-major-shakeup-of-nz-insurance-laws-504842.aspx
10 Sep 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly August 2024 diary released with the following potential financial services sector related meetings noted:
2 Aug 2024 – FIntech Industry Roundtable (Jason Roberts and Guests)
8 Aug 2024 – MEET: Commerce Commission and Commerce and Consumer Affairs Officials (MBIE and Comm Comm Officials)
9 Aug 2024 – VISIT: TSB Bank (Kerry Boielle and Larissa Vaughan)
15 Aug 2024 – MEET: Payments NZ (Members of the API Centre)
19 Aug 2024 – MEET: Commerce Commission Officials (John Small and Brian)
20 Aug 2024 – CALL : Chair of Commerce Commission (Dr John Small)
21 Aug 2024 – MEET: Retirement Commissioner (Jane Wrightson)
28 Aug 2024 – MEET: Commerce Commission - Monthly Meeting (Commerce Commission Officials)
29 Aug 2024 – MEET: FMA Board Chair and CE (Craig Stobo, Samantha Barrass and Edwin Metson)
10 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has proposed changes to the capital framework for banks in relation to hybrid instruments to simplify and improve the effectiveness of bank capital in a crisis.
APRA is proposing that banks phase out the use of AT1 capital instruments (often called hybrid bonds) and replace them with cheaper and more reliable forms of capital that would absorb losses more effectively in times of stress. The total amount of regulatory capital that APRA requires banks to hold would remain unchanged and banks would remain ‘unquestionably strong’. https://www.apra.gov.au/news-and-publications/apra-proposes-update-to-bank-capital-framework-to-strengthen-crisis
11 Sep 2024 - The Financial Markets Authority has published insights from its supervision of funds that claim to have ethical features. The insights are based off findings from reviewing disclosure documents, advertising, reporting on sustainability progress, and whether investments held by funds align with their sector exclusion policies. https://www.fma.govt.nz/news/all-releases/media-releases/ethical-investing-disclosure-insights-update/
Legal and regulatory update for the life and health insurance sector
APRA announces changes to internal structure and publishes latest Corporate Plan; The FMA will release a Climate-related Disclosures Monitoring Report in November; The FMA release series of videos to kickstart conversations around money; The FMA's Fairness Research roundtable with smaller-sized firms to take place in September; FAPs must submit their annual regulatory returns by 30 September; FMA will consult on questions they propose to ask in regulatory returns for financial institutions; Annual Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Conference 30 & 31 October.
28 Aug 2024 - The Australian Prudential Regulation Authority (APRA) today announces some changes to its internal structure designed to ensure it remains equipped to deal with emerging and future challenges. The changes will support APRA’s updated strategic priorities. The most significant change will see APRA move to having its five industry supervision groups being managed in two supervision divisions instead of the current three frontline supervision divisions – Banking, Superannuation and Insurance (encompassing general, life and private health insurance). From 2 September, the two frontline supervision divisions will be:
a General Insurance and Banking division; and
a Life Insurance, Private Health Insurance and Superannuation division.
https://www.apra.gov.au/news-and-publications/apra-announces-internal-reorganisation-to-better-support-strategic-priorities
28 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has published its latest Corporate Plan outlining how it will maintain the strength and stability of Australia’s banks, insurers and superannuation trustees over the next four years. https://www.apra.gov.au/news-and-publications/apra-outlines-new-priorities-2024-25-corporate-plan
29 Aug 2024 - Climate reporting entities (CREs) with reporting periods ending 31 March 2024 have been lodging their climate statements on the Climate-related Disclosures Register. The FMA will be releasing a Climate-related Disclosures Monitoring Report in November this year, detailing their key monitoring findings and areas they would like CRE's to focus on for the next reporting period. https://www.fma.govt.nz/library/guidance-library/crd-monitoring-plan-2023-2026/
29 Aug 2024 - As part of Sorted Money Month, the FMA have released a series of videos designed to kickstart conversations around money. https://www.fma.govt.nz/library/campaigns/sorted-money-month-2024/
29 Aug 2024 - The FMA is hosting two Fairness Research roundtables with banks, non-bank deposit takers, insurers, fund managers, and financial advice firms to discuss fairness in financial services. The first event, with larger-sized firms, explored key topics including the interpretation of fairness from both consumer and provider perspectives, the role of governance in promoting fair outcomes, and future trends that may impact fairness in the sector. A second event, with smaller-sized firms, takes place in September. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-fairness-in-financial-services
29 Aug 2024 - All licensed Financial Advice Providers must submit an annual regulatory return as part of licensing conditions. 31% have already submitted their regulatory return during July and August. The submission period will close on 30 September 2024. Regulatory returns should be submitted through the FMA Online Services portal. https://www.fma.govt.nz/business/online-services
29 Aug 2024 - In September The FMA will be publicly consulting on the questions they propose to ask in the regulatory returns for financial institutions. This consultation will be open for a 6-week period from 16 September 2024 to 25 October 2024.
29 Aug 2024 - The annual Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Conference is being held in Wellington this year, on Wednesday 30 October and Thursday 31 October. Hosted by the New Zealand Financial Intelligence Unit and The Association of Certified Anti-Money Laundering Specialists, the theme of this year’s conference is “Shifting Paradigms: Navigating the Future of Financial Crime”. https://www.police.govt.nz/fiu-acams-conference-2024
Legal and regulatory update for the life and health insurance sector
ASIC expands strategic priorities; IRD seek feedback on long-term insights briefing; APRA release enhanced quarterly insurance statistics; the FSC publish the Aug 2024 Regulatory Forecast; Privacy Commissioner releases privacy week webinar recordings.
22 Aug 2024 - Australia’s public and private markets and emerging financial products will form a new pillar of ASIC’s expanded strategic priorities. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-184mr-asic-expands-strategic-priorities-for-coming-12-months/?altTemplate=betanewsroom
22 Aug 2024 - Inland Revenue is seeking feedback on the scope of its next long-term insights briefing.
Inland Revenue is proposing that its next long-term insights briefing explores what broad structure of the tax system would be suitable for the future, given long-term fiscal pressures and current tensions in our system. The briefing would approach this topic by focusing on two elements of the tax system: the regimes through which we tax income and consumption, and our mix of tax bases. The closing date for feedback is 4 October 2024. https://www.taxpolicy.ird.govt.nz/consultation/2024/2024-long-term-insights-briefing
22 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has released its suite of quarterly industry aggregate insurance statistical publications with enhanced content and presentation. The first edition of the enhanced quarterly publications includes data for the September 2023, December 2023 and March 2024 reporting periods. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-quarterly-insurance-statistics
23 Aug 2024 - The Financial Services Council NZ publish the August 2024 edition of Regulatory Forecast, a member-only document https://members.fsc.org.nz/fsc-corporate-members/regulatory-forecast-august-2024
26 Aug 2024 - The Office of the Privacy Commissioner has released recordings of presentations shown during Privacy Week 2024. https://privacy.org.nz/news/forums-and-seminars/privacy-week/privacy-week-2024/
Legal and regulatory update for the life and health insurance sector
APRA provide guidance on cyber control weaknesses; Stephanie Charles appointed to the Takeovers Panel; Hon Andrew Bayly July 2024 diary released; Commerce Commission release final report into competition in the personal banking sector; Commerce Commission grant Payments NZ Limited conditional authorisation to develop a partnering framework relating to the provision of API services; RBNZ consult on policy proposals; APRA publish notes form life insurance CEO roundtable.
15 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has written to all regulated entities to provide further insights and guidance on common cyber control weaknesses. https://www.apra.gov.au/news-and-publications/apra-shares-further-insights-on-common-cyber-control-weaknesses
16 Aug 2024 - Stephanie Charles has been appointed to the Takeovers Panel, commencing on 13 August 2024. https://www.takeovers.govt.nz/about-the-panel/news/takeovers-panel-welcomes-new-australian-panel-member-appointment
20 Aug 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly July 2024 diary released with the following potential financial services sector related meetings noted:
• 15 Jul 2024 – ZOOM: Commerce Commission (Commerce Commission Officials)
• 23 Jul 2024 – MEET: Fincap (Jake Lilley and Ruth Smithers)
• 25 Jul 2024 – MEET: NZBA CEO (Roger Beaumont)
• 31 Jul 2024 – MEET: Commerce Commission (Commerce Commission Officials)
20 Aug 2024 - The Commerce Commission’s Final Report into competition in the personal banking sector points to the potential of a stronger Kiwibank as a disruptor to the four major retail banks, and open banking as a “game-changer”, unlocking competition and revolutionising choice for Kiwi consumers. The Commission is recommending a raft of regulatory and structural changes to drive more competition for the benefit of Kiwi consumers – after the 14-month market study found “a stable, highly profitable, two-tier oligopoly with no disruptive maverick and a lack of obvious or aggressive price competition”. https://comcom.govt.nz/news-and-media/media-releases/2024/a-stronger-kiwibank-and-open-banking-could-shake-up-nz-banking-sector
20 Aug 2024 - The Commerce Commission has granted Payments NZ Limited (Payments NZ) conditional authorisation to work with current and future API providers (ie, banks) and third parties (eg, fintechs) to develop and apply a partnering framework relating to the provision of API services by API providers to third parties (the Proposed Arrangement). https://comcom.govt.nz/news-and-media/media-releases/2024/commerce-commission-authorises-payments-new-zealand-to-further-develop-its-open-banking-framework
21 Aug 2024 - The Reserve Bank of New Zealand is consulting on policy proposals for the next set of standards under the Deposit Takers Act 2023, and an Issues Paper on the crisis management framework in the Act. https://www.rbnz.govt.nz/hub/news/2024/08/proposals-for-deposit-taker-standards-and-crisis-management-open-for-consultation
21 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has published the public notes from the life insurance CEO roundtable held on Wednesday, 17 July 2024. https://www.apra.gov.au/news-and-publications/apra-releases-notes-on-life-insurance-ceo-roundtable-july-2024
Legal and regulatory update for the life and health insurance sector
APRA release responses to consultations; FMA finds NZer’s agree on what constitutes fairness; FMA seek feedback on proposed info sheet for climate reporting entities; FSC release regulatory forecast for July; FAPs need to submit annual regulatory returns by 30 September; Minister of Commerce and Consumer Affairs’ June diary released; FMA launch new podcast series; The Customer and Product data Bill was read a first time; FMA publish guidance on how providers of client money or property services, and custodians, can meet their obligations under the Financial Markets Conduct Act.
17 Jul 2024 - The Australian Prudential Regulation Authority (APRA) has released its response to the consultation on proposed enhancements to the content and presentation of its suite of quarterly insurance statistical publications. https://www.apra.gov.au/news-and-publications/apra-releases-response-on-enhancements-to-quarterly-insurance-publications
17 Jul 2024 - The Australian Prudential Regulation Authority (APRA) has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-1
18 Jul 2024 - FMA research finds the majority of New Zealanders generally agree on what constitutes fairness in financial services. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-fairness-in-financial-services/
19 Jul 2024 - The Financial Markets Authority is seeking feedback on a proposed information sheet that provides guidance for climate reporting entities (CREs) in relation to the following disclosure documents, in light of the climate-related disclosures (CRD) regime:
• any current or new Product Disclosure Statement for their financial products
• the Other Material Information on the offer register on Disclose for their financial products
• any Statement of Investment Policies and Objectives on the offer register on Disclose
• any annual report."
19 Jul 2024 - The FSC release their regulatory forecast for July 2024. https://members.fsc.org.nz/fsc-corporate-members/regulatory-forecast-july-2024
22 Jul 2024 - All licensed Financial Advice Providers (FAP) are required to complete and submit an annual regulatory return. Licensees will be required to complete an annual regulatory return for the 12-month period ending 30 June and submit it to the FMA by 30 September. https://www.fma.govt.nz/business/online-services/
22 Jul 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly June 2024 diary released with the following potential financial services sector related meetings noted:
• 11 Jun 2024 – MEET: NZ and Australian Banking Association Delegation Discussion (Roger Beaumont, Hon Anna Bligh and delegates)
• 20 Jun 2024 – ZOOM: Financial Data and Technology Association (Jamie Leach)
• 26 Jun 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 26 Jun 2024 – MEET: FMA Board (Craig Stobo & Samantha Barrass)
23 Jul 2023 - The FMA launch a new podcast series ‘Occasional Conversations’. In the first episode, Chief Economist, Stuart Johnson and Senior Adviser, Sophia Scragg discuss a new piece of research around fairness in financial services. https://www.fma.govt.nz/preview/f733d97cfbbf3475/0466832b401b7101/
24 Jul 2024 - The Customer and Product Data Bill was read a first time and referred to the Economic Development, Science and Innovation Committee. https://bills.parliament.nz/v/6/770a5f4e-2185-4f1f-1395-08dc75512299?Tab=history
24 Jul 2024 - The Financial Markets Authority has published guidance on how providers of client money or property services, and custodians, can meet their obligations under the Financial Markets Conduct Act 2013 (FMC Act). It replaces the FMA’s 2014 guidance note for brokers and information sheet on custodians’ obligations to align with the new regulatory regime. It also provides additional guidance for custodians who have specific obligations in addition to those that apply to all client money and property service providers. https://www.fma.govt.nz/news/all-releases/media-releases/guidance-note-for-providers-of-client-money-or-property-services/
Legal and regulatory update for the life and health insurance sector
Commerce Commission’s preliminary view on Payments NZ developing framework relating to provision of API; ASIC issue Cost recovery Implementation Statement; XRB publish interim report on Climate-Related Disclosure Framework evaluation; maximum compensation for complaints to rise; APA & ASIC publish info to help insurers prepare for the start of the Financial Accountability Regime; Privacy Commissioner publishes Statement of Performance Expectations and launches free online toolkit.
1 Jul 2024 - The Commerce Commission has reached a preliminary view that it should grant conditional authorisation to Payments NZ Limited to work with current and future API providers (i.e., banks) and third parties (e.g., fintechs) to develop and apply a partnering framework relating to the provision of API services by API providers to third parties. https://comcom.govt.nz/news-and-media/media-releases/2024/commerce-commission-issues-draft-determination-on-payments-new-zealands-application-to-further-develop-its-open-banking-framework
8 Jul 2024 - ASIC issued its 2023-24 Cost Recovery Implementation Statement (CRIS). The CRIS outlines estimated regulatory costs and levies for each industry subsector to help entities plan and budget for levies and fees to be charged. https://asic.gov.au/about-asic/news-centre/news-items/asic-releases-estimated-industry-funding-levies-for-2023-24/
11 Jul 2024 - The External Reporting Board publish an interim report on New Zealand Climate-Related Disclosure Framework evaluation. https://www.xrb.govt.nz/news/insights/aotearoa-new-zealand-climate-related-disclosure-framework-evaluation-interim-report-published/
11 Jul 2024 - Financial limits for complaints are being raised across the four approved financial dispute resolution schemes from 18 July 2024. The Banking Ombudsman Scheme, the Insurance & Financial Services Ombudsman Scheme, Financial Services Complaints – a Financial Ombudsman Service, and the Financial Dispute Resolution Service will have the same thresholds for complaint values and compensation, providing consistency for consumers across the sector. The key change is raising the maximum compensation to $500,000 +GST. https://fdrs.org.nz/resources/news/increased-compensation-limits-for-financial-disputes/
11 Jul 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR already applies to the banking industry and takes effect for the insurance and superannuation industries from 15 March 2025.
New information includes:
an amendment to the Regulator rules, which prescribes key functions information for inclusion in the FAR register of accountable persons for insurance and superannuation industries; see Financial Accountability Regime Regulator Rules Amendment Instrument No. 1 of 2024 and Financial Accountability Regime Act (Information for register) Regulator Rules 2024; and
a joint ASIC and APRA letter summarising key issues raised during consultation and their response, including the concept and application of key functions.
12 Jul 2024 - The office of the Privacy Commissioner has published their Statement of Performance Expectations 2024-2025. https://privacy.org.nz/publications/corporate-reports/statement-of-performance-expectations-2024-2025/
15 Jul 2024 - The Office of the Privacy Commissioner has launched a free online toolkit today to help businesses and organisations do privacy well. https://privacy.org.nz/publications/statements-media-releases/new-privacy-toolkit-set-to-support-business-and-organisations/
Legal and regulatory update for the life and health insurance sector
New guides to help people understand Climate-related Disclosures; APRA release new digital prudential framework; FMA publish auditor regulation and oversight plan; reappointment of RBNZ Chair; feedback sought on Financial Advice Code; FMA spotlight KiwiSaver fund types; Minister of Commerce & Consumer Affairs May diary released.
19 Jun 2024 - The Financial Markets Authority and the External Reporting Board have jointly produced a set of guides designed to help people understand the Climate-related Disclosures (CRD) regime and the information being provided in climate statements which are now starting to be published by climate reporting entities. https://financialmarketsauthority.cmail20.com/t/r-l-tdgjjx-btuitpxk-y/
19 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has announced the release of the new digital prudential framework in the form of the "Prudential Handbook". The Handbook brings all APRA's prudential standards, guidance and supporting information into one place; presents them in a digital format that can be easily navigated and searched; and caters to a range of different users across regulated industries and in the broader community. https://www.apra.gov.au/news-and-publications/apra-releases-new-digital-prudential-handbook
20 Jun 2024 - The Financial Markets Authority has published its Auditor Regulation and Oversight Plan 2024-2027. The plan sets out how the FMA aims to improve the audit quality of Financial Markets Conduct reporting entities. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-auditor-regulation-and-oversight-plan-2024-2027/
20 Jun 2024 - Professor Neil Quigley has been reappointed as Chair of the Reserve Bank of New Zealand Board for a further term of two years, until 30 June 2026. https://www.beehive.govt.nz/release/reserve-bank-chair-reappointed
21 Jun 2024 - The Financial Advice Code Committee is seeking feedback on proposed amendments to the standards of competence, knowledge, and skill in the Financial Advice Code. https://financialadvicecode.govt.nz/2024/06/21/update-21-june-2024-consultation-on-financial-advice-competence-knowledge-and-skill/
24 Jun 2024 - The FMA's new ‘Spotlight’ series looks at the different kinds of KiwiSaver funds and explores how they work. https://www.fma.govt.nz/library/articles/spotlight-on-conservative-funds/
24 Jun 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly May 2024 diary released with the following potential financial services sector related meeting noted:
2 May 2024 – MEET: FMA (FMA officials)
7 May 2024 – MEET: Commerce Commission Board
10 May 2024 – MEET: Institute of Financial Professionals NZ (Board members)
10 May 2024 –MEET: Kiwisaver Stakeholders Roundtable Lunch
16 May 2024 – ATTEND: Institute of Finance Professionals NZ Awards Dinner
17 May 2024 -CALL: Retirement Commissioner (Jane Wrightson)
22 May 2024 – MEET: External Reporting Board (Alex Burton, Michele Embling)
23 May 2024 – MEET: Commerce Commission (Commerce Commission Officials)
Legal and regulatory update for the life and health insurance sector
APRA releases prudential practice guide; FMA publishes info for smaller firms on fair conduct programmes and applying for CoFI licence; RBNZ release updated design proposals for their business expectations survey; XRB launch Standards Navigator.
13 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has released its finalised prudential practice guide to help banks, insurers and superannuation trustees strengthen their management of operational risk and improve business continuity planning. https://www.apra.gov.au/news-and-publications/apra-finalises-cross-industry-guidance-on-operational-resilience
14 Jun 2024 - The Financial Markets Authority has published an information sheet specifically for smaller firms to assist in establishing and maintaining a Fair Conduct Programme (FCP) and applying for a Financial Institution (CoFI) licence. https://www.fma.govt.nz/news/all-releases/media-releases/fma-provides-additional-support-to-smaller-firms-for-cofi-licensing/
17 Jun 2024 - The Reserve Bank of New Zealand has released Tara-ā-Umanga Business Expectations Survey: Design proposals following consultation and pilot, which outlines lessons learnt and resulting design proposals for their new Business Expectations Survey, BES, Tara-ā-Umanga. Changes include making the survey shorter and quicker for businesses to fill in; questions will focus on inflation expectations, wages, and unemployment; they will survey businesses in the primary industry; and they will not include very small businesses (those with fewer than 6 employees). https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
18 Jun 2024 - The External Reporting Board has launched the XRB Standards Navigator, which takes static PDF versions of XRB standards and presents them in a more accessible, dynamic and user- friendly format. https://standards.xrb.govt.nz/standards-navigator/