Legal and regulatory update for the life and health insurance sector
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/