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
RBNZ warn Quest Insurance Group Limited; APRA publish findings of climate risk survey; The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time; XRB announce climate and assurance proposals; APRA publish FAQ’s for insurers; ASIC announce enforcement priorities for 2025; FMA release latest podcast; Minister of Commerce and Consumer Affairs’ diary released; FMA publish updated calendar of events.
12 Nov 2024 - RBNZ has issued a warning to Quest Insurance Group Limited for failures to comply with the Insurance (Prudential Supervision Act 2010 (IPSA). Quest’s non-compliance included prolonged failures to maintain its minimum non-life solvency margin, and to maintain a statutory fund for its life insurance business. https://www.rbnz.govt.nz/hub/news/2024/11/reserve-bank-issues-warning-to-quest-insurance-group-limited
12 Nov 2024 - RBNZ have updated their research agenda for the 2024-25 year. https://www.rbnz.govt.nz/research/our-research-programme
13 Nov 2024 - APRA has published the findings of its second climate risk self-assessment survey. The findings provide deeper insights into how regulated entities identify, manage and disclose the financial risks of climate change and align their practices with the Prudential Practice Guide CPG 229 Climate Change Financial Risks. https://www.apra.gov.au/news-and-publications/apra-releases-survey-results-assessing-management-of-risks-associated-climate
13 Nov 2024 - The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-13-november-2024/
13 Nov 2024 - The External Reporting Board 2024 Climate and Assurance Proposals announced. The External Reporting Board approved three of the four proposals relating to amendments to climate and assurance standards:
A one year extension to the adoption provision for scope 3 GHG emissions disclosures
A one year extension to the adoption provision for anticipated financial impacts disclosures
A new one year adoption provision relating to the assurance of scope 3 GHG emissions
The proposal to delay transition planning by an additional year was not adopted, on the basis of hearing strong user demand for this information.
The amending standards will have an application date of 1 January 2024, meaning they are applicable for accounting periods that begin on or after this date.
https://www.xrb.govt.nz/news/latest-news/
14 Nov 2024 - APRA has published one new frequently asked question (FAQ), updated 19 and deleted 11 FAQs on measurement of capital for Authorised deposit-taking institution (ADI) and insurers. https://www.apra.gov.au/news-and-publications/apra-publishes-new-and-updated-faqs-on-capital-for-adis-and-insurers
14 Nov 2024 - ASIC announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.
Misconduct exploiting superannuation savings
Unscrupulous property investment schemes
Failures by insurers to deal fairly and in good faith with customers
Strengthening investigation and prosecution of insider trading
Business models designed to avoid consumer credit protections
Misconduct impacting small businesses and their creditors
Debt management and collection misconduct
Licensee failures to have adequate cyber-security protections
Greenwashing and misleading conduct involving ESG claims
Member services failures in the superannuation sector
Auditor misconduct
Used car finance sold to vulnerable consumers by finance providers
14 Nov 2024 - The FMA release latest podcast 'Navigating KiwiSaver Episode 2: KiwiSaver Funds'. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-2/
15 Nov 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly October 2024 diary released with the following potential financial services sector related meetings noted:
• 2 Oct 2024 – MEET: Fintech roundtable (invited attendees)
• 14 Oct 2024 – MEET: Kiwisaver group (invited attendees)
• 22 Oct 2024 – SPEAK: Financial Services Federation Conference (conference attendees)
• 23 Oct 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 24 Oct 2024 – MEET: Banking Ombudsman (Miriam Dean, Nicola Sladden)
15 Nov 2024 - The FMA publish an updated calendar of events. https://www.fma.govt.nz/library/events/calendar-of-events/
Legal and regulatory update for the life and health insurance sector
Privacy authorities release statement on additional takeaways for industry; APRA release Life Insurance Claims and Disputes statistics; FMA consult on renewal of class exemptions for DIMS licensees from certain financial reporting requirements; ASIC release audit findings; FSC publish spotlights on Life Insurance and KiwiSaver; Government seeks feedback on information sharing agreement between IRD and MBIE; FMA renews notices.
29 Oct 2024 - Global privacy authorities, including the office of the Privacy Commissioner, have engaged with some of the world’s largest social media companies after issuing a joint statement on data scraping last year. As a result of this engagement, they have now issued a follow-up statement laying out additional takeaways for industry. This follow-up joint statement lays out further expectations, including that organisations:
Comply with privacy and data protection laws when using personal information, including from their own platforms, to develop artificial intelligence (AI) large language models.
Deploy a combination of safeguarding measures and regularly review and update them to keep pace with advances in scraping techniques and technologies.
Ensure that permissible data scraping for commercial or socially beneficial purposes is done lawfully and in accordance with strict contractual terms. https://www.privacy.org.nz/publications/statements-media-releases/global-privacy-authorities-issue-follow-up-joint-statement-on-data-scraping-after-industry-engagement/
29 Oct 2024 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 July 2023 to 30 June 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-9
30 Oct 2024 - The FMA are consulting on renewal of class exemption for DIMS licensees from certain financial reporting requirements, consultation closes 29 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-renewal-of-class-exemption-for-dims-licensees-from-certain-financial-reporting-requirements/
30 Oct 2024 - ASIC has released findings from its financial reporting and audit surveillance for the 12 months to 30 June 2024, and announced a proactive surveillance focused on auditors’ compliance with independence and conflicts of interest requirements. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-240mr-asic-releases-fy-2023-24-financial-reporting-and-audit-report-and-launches-auditor-independence-surveillance/?altTemplate=betanewsroom
30 Oct 2024 - The FSC has published its KiwiSaver Industry Spotlight September 2024. https://blog.fsc.org.nz/kiwisaver-spotlight-september-2024
30 Oct 2024 - The Government is seeking public feedback on a proposed approved information sharing agreement (AISA) between Inland Revenue and the Ministry of Business, Innovation and Employment (MBIE). The AISA would allow Inland Revenue and MBIE to share prescribed information with the other agency for the benefits outlined in the discussion document. https://www.taxpolicy.ird.govt.nz/news/2024/consultation-information-sharing-ir-mbie-aisa
31 Oct 2024 - The FMA has decided to renew the Financial Markets Conduct (Disclosure of Relevant Interests by Directors and Senior Managers) Exemption Notice 2019, and the Financial Markets Conduct (NZCDC Settlement System) Exemption Notice 2019, for a further five years. They are working to finalise new notices to give effect to this decision, which they intend to have in place before the current notices are revoked on the close of 30 November 2024. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-class-exemption-renewal-for-disclosure/
30 Oct 2024 - The FSC has published its Life Insurance Industry Spotlight September 2024. https://blog.fsc.org.nz/lifeinsurance-spotlight-september-2024
Legal and regulatory update for the life and health insurance sector
The FMA publish their annual report and ease of doing business report; APRA & ASIC publish opening statements to the House of Representatives Standing Committee on Economics; Select Committee publish final report on Privacy Amendment Bill; Takeovers panel Christmas hours released; APRA publish Deputy Chair Margaret Cole's speech; ASIC urge financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of AI.
24 Oct 2024 - The FMA published its annual report for the year to 30 June 2024. The report details the FMA’s core focus areas: monitoring and supervision of market participants, implementation of new legislation, enforcement action and providing resources for investors and consumers. The FMA also released its annual ‘Ease of doing business’ report, which surveys stakeholders and industry participants to understand the effectiveness of their interactions with the FMA, and their views on FMA’s overall effectiveness in delivering its mandate. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-2024-annual-report/
25 Oct 2024 - APRA publish their opening statement to the House of Representatives Standing Committee on Economics - October 2024. https://www.apra.gov.au/news-and-publications/opening-statement-to-house-of-representatives-standing-committee-on-6
25 Oct 2024 - ASIC publish the opening statement by ASIC Chair Joe Longo at the House of Representatives Standing Committee on Economics. https://asic.gov.au/about-asic/news-centre/speeches/house-of-representatives-standing-committee-on-economics-opening-statement-25-october-2024/?altTemplate=betanewsroom
25 Oct 2024 - The Justice Select Committee have published their final report on the Privacy Amendment Bill. https://selectcommittees.parliament.nz/view/SelectCommitteeReport/5f2d852a-1aba-4b8b-2620-08dcf48e13aa
25 Oct 2024 - The Takeovers Panel offices will close from the end of the day on Monday, 23 December 2023, and reopen on Monday, 6 January 2024. https://www.takeovers.govt.nz/guidance/codeword/issue-57/panel-christmas-close-down-period
27 Oct 2024 - The FMA's annual report shows they turned in a more than $2.8 million surplus during the 12 months to June 30. The FMA reported revenue of almost $80.7 million while expenses hit a record high of $77.8 million.The FMA completed investigations into 1,118 ‘misconduct cases’, of which 993 were dealt with in the ‘compliant’ timeframe. https://investmentnews.co.nz/investment-news/fma-over-spends-books-surplus-on-legal-winnings/
29 Oct 2024 - APRA publish Deputy Chair Margaret Cole's speech to the AFR Super & Wealth Summit 2024. https://www.apra.gov.au/news-and-publications/apra-deputy-chair-margaret-cole-speech-to-afr-super-wealth-summit-2024
29 Oct 2024 - ASIC is urging financial services and credit licensees to ensure their governance practices keep pace with their accelerating adoption of artificial intelligence (AI). The call comes as ASIC’s first state of the market review of the use and adoption of AI by 23 licensees found there was potential for governance to lag AI adoption, despite current AI use being relatively cautious. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-238mr-asic-warns-governance-gap-could-emerge-in-first-report-on-ai-adoption-by-licensees/?altTemplate=betanewsroom
Legal and regulatory update for the life and health insurance sector
The FMA publish Samantha Barrass’ speech; RBNZ publish Karen Silk’s speech; ASIC release annual report; Chief Ombudsman publishes annual report; Government to overhaul AML/CFT system; FMA publish monitoring report of the DIMS sector; Consultation on raising thresholds for asset distribution after death without the need for probate; Mental Health Bill referred to Select Committee; RBNZ publish speech by Adrian Orr; ASIC publish keynote addresss by Kate O’Rourke; Police FIU to run sessions on goAML.
22 Oct 2024 - The FMA publish Samantha Barrass' speech from the Financial Services Federation Conference 2024. https://www.fma.govt.nz/library/speeches-and-presentations/samantha-barrass-speaks-at-fsf-conference/
22 Oct 2024 - RBNZ publish Assistant Governor Karen Silk's speech 'Liquidity management: Principles for liquidity provision and the end of an abundant era'. https://www.rbnz.govt.nz/hub/news/2024/10/liquidity-management
22 Oct 2024 - ASIC release 2023–24 annual report. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-232mr-asic-annual-report-underscores-transformation/?altTemplate=betanewsroom
22 Oct 2024 - The Chief Ombudsman Peter Boshier has published his 2023/2024 Annual Report. https://www.ombudsman.parliament.nz/news/more-and-more-people-are-turning-ombudsman-help
23 Oct 2024 - The Government will introduce a single supervisor and a new funding model in a major overhaul of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. https://www.beehive.govt.nz/release/government-overhaul-anti-money-laundering-regime
23 Oct 2024 - The FMA has published its first monitoring report of the Discretionary Investment Management Services (DIMS) sector. The report found that while DIMS providers strive for positive investor outcomes, there is room for improvement in their processes and controls. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-first-insights-report-into-dims-sector/
23 Oct 2024 - The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate and are seeking feedback on new thresholds. https://7422267.fs1.hubspotusercontent-na1.net/hubfs/7422267/Member-only%20content/Submissions%20(Member%20Only)/Factsheet_probate%20threshold%20-%20financial%20services%20providers.pdf?utm_medium=email&_hsenc=p2ANqtz--CGtLdOXH2FnKUPM5kSzkDwUAdlMpihtK7dVxIe9c5_pIwlG4VqCwmsdMaof2Nep6ADSH_0AO6uGXorGoFn-IMWIe460-RneqZDNXuccz1V8aMMv8&_hsmi=330379053&utm_content=330379053&utm_source=hs_email
23 Oct 2024 - The Mental Health Bill has been referred to Select Committee. https://bills.parliament.nz/v/6/538751b7-fea5-4dcc-cce2-08dce18e31b4?Tab=history
24 Oct 2024 - RBNZ have published a speech by RBNZ Governor Adrian Orr, 'Navigating monetary policy through the unknown'. https://www.rbnz.govt.nz/hub/news/2024/10/navigating-monetary-policy-through-the-unknown
24 Oct 2024 - ASIC publish keynote address by ASIC Commissioner Kate O’Rourke at the 34th Annual Credit Law Conference. https://asic.gov.au/about-asic/news-centre/speeches/asic-2024-update/?altTemplate=betanewsroom
24 Oct 2024 - The Police FIU are running a series of two-hour sessions in Auckland, Christchurch, Hamilton and Wellington that will cover an overview of the goAML system, along with how to submit Suspicious Activity and Prescribed Transaction Reports. https://createsend.com/t/j-18E3D1447129F4092540EF23F30FEDED
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
ASIC announce extension of Consultation Agreement; ASIC Annual Forum speakers and sessions announced; FMA publish submission on banking competition inquiry; COFR release updated Regulatory Initiatives Calendar.
26 Sep 2024 - ASIC announced the two-year extension of its Consultation Agreement (Agreement) with the Financial Markets Standards Board (FMSB) to 25 September 2026. https://asic.gov.au/about-asic/news-centre/news-items/asic-extends-consultation-agreement-with-financial-markets-standards-board/?altTemplate=betanewsroom
26 Sep 2024 - Speakers and sessions have been announced for the ASIC Annual Forum, 14–15 November 2024. https://asic.gov.au/about-asic/news-centre/news-items/asic-annual-forum-2024-speakers-and-sessions-announced/?altTemplate=betanewsroom
27 Sep 2024 - The FMA publish their submission on the Finance and Expenditure Committee’s inquiry into banking competition. https://www.fma.govt.nz/assets/Consultations/FMA-submission-on-the-Finance-and-Expenditure-Committees-inquiry-into-banking-competition.pdf
30 Sep 2024 - The Council of Financial Regulators released an updated Regulatory Initiatives Calendar for the financial sector for Q3 2024. https://www.cofr.govt.nz/key-documents/regulatory-initiatives-calendar.html
AIA launch new campaign offering customers up to three months off their premiums
AIA NZ has launched its latest campaign which offers new and existing customers up to three months off their premiums.
First month free when customers take out a new eligible insurance policy between 18 September and 22 November 2024, and have the policy issued by 23 December 2024.
Second month free when customers add and activate AIA Vitality membership within 6 weeks of the policy being issued.
Third month free when customers reach Silver Status with AIA Vitality within the first 10 months.
Existing AIA Vitality member at Silver Status or beyond who buy a new eligible policy, automatically get three months premium-free on the new policy.
More news:
The Adviser Platform is offering its CRM system free of charge
Kirk Hope has started his appointment as Chief Executive Officer at FSC
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 Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a second time; FMA join Global Financial Innovation Network; RBNZ publish analytical note around monetary policy decisions; FMA consult on regulatory returns for financial institution licensees; ASIC outline technological and operational resilience guidance; privacy concerns raised about IRD's use of taxpayers personal information.
11 Sep 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a second time. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
13 Sep 2024 - The Financial Markets Authority has officially joined the Global Financial Innovation Network (GFIN). GFIN is designed to facilitate cooperation between financial regulators worldwide, providing a platform to exchange experiences and strategies related to financial innovation. https://www.mpamag.com/nz/news/general/fma-joins-global-innovation-network/505407
16 Sep 2024 - The Reserve Bank of New Zealand has published an Analytical Note which shows monetary policy decisions that are not fully anticipated by financial markets lead to changes in interest rates and the New Zealand dollar exchange rate. https://www.rbnz.govt.nz/hub/news/2024/09/financial-market-reaction-to-monetary-policy-surprises
16 Sep 2024 - The Financial Markets Authority is consulting on regulatory returns for financial institution licensees. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-regulatory-returns-for-financial-institution-licensees/
17 Sep 2024 - ASIC has released a letter to market participants outlining technological and operational resilience guidance, clarifying how to identify critical business services and notification of a major event. The guidance relates to the technological and operational resilience requirements detailed in Chapters 8A and 8B of the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017. https://asic.gov.au/about-asic/news-centre/news-items/asic-expands-operational-resilience-guidance-for-market-participants/?altTemplate=betanewsroom
17 Sep 2024 - The Office of the Privacy Commissioner has had privacy concerns raised from members of the public about IRD’s use of taxpayers’ personal information and hashing. OPC has contacted IRD for information so they can assess if this practice raises issues under the Privacy Act. https://privacy.org.nz/publications/statements-media-releases/care-is-needed-with-data-anonymisation/
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/