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.

Kelly O Kelly O

Legal and regulatory update for the life and health insurance sector

RBNZ to publish new statistics on credit flows on 5 December; NZs made more than 1,000 privacy complaints; FMA publish Climate-Related Disclosures insights report; Australia pass two major pieces of privacy law reform; RBNZ’s annual re-weighting of the Trade-Weighted Index; APRA release general & life insurance stats for Sep quarter and respond to consultation; Government launches review of NZ’s competition rules; Retirement Commission budget remains unchanged since 2016; RBNZ welcomes new Financial Policy Remit; FMA to launch a pilot regulatory sandbox; results from RBNZ’s digital cash consultation released; RBNZ release update on business expectations survey; RBNZ release review of how deposit takers support financial inclusion; Minister’s November diary released.

3 Dec 2024 - On 5 December, the RBNZ will publish new statistics from the monthly New Credit Flows Survey. The New Credit Flows Survey collects data from registered banks on new lending during the month and its associated weighted average interest rates. This means from 5 December, monthly data will be available that reflects the actual interest rates being taken by customers month-to-month on new residential mortgage loans.

3 Dec 2024 - New Zealanders made a record 1003 privacy complaints to the Office of the Privacy Commissioner last financial year. Agencies (business and organisations) also reported 864 privacy breaches. https://privacy.org.nz/publications/statements-media-releases/no-one-should-be-happy-we-received-over-1000-privacy-complaints/

4 Dec 2024 - The FMA has published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statements.  https://www.fma.govt.nz/news/all-releases/media-releases/fma-encouraged-by-first-climate-statements/

4 Dec 2024 - Australia has passed two major pieces of privacy law reform: the Australian Privacy and Other Legislation Amendment Bill 2024 and the Online Safety Amendment (Social Media Minimum Age) Bill 2024. https://www.bellgully.com/insights/privacy-update-australian-government-passes-two-major-pieces-of-privacy-law-reform/

4 Dec 2024 - The annual re-weighting of the Trade-Weighted Index (TWI) takes effect on 5 December, with the new weights released. The TWI is a weighted average of the New Zealand dollar against the currencies of New Zealand’s major trading partners. There are 17 currencies included in the TWI basket. The weights are calculated using a fully bilateral trade-weighted methodology. The weight for each currency is based on each country’s direct bilateral trade in goods and services with New Zealand, for the year ended June. https://www.rbnz.govt.nz/hub/news/2024/12/updated-weights-for-trade-weighted-index

5 Dec 2024 - APRA has released its general insurance and life insurance statistical publications for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-general-insurance-and-life-insurance-statistics-for

5 Dec 2024 - APRA has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs), insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-2

5 Dec 2024 - The Government has launched a review of New Zealand’s competition rules, looking to update the competition settings in the Commerce Act to ensure NZ's legal framework is right; and review the governance and effectiveness of the Commerce Commission to ensure NZ's regulatory and enforcement framework is right. https://www.beehive.govt.nz/release/major-review-competition-lift-productivity

6 Dec 2024 - The Retirement Commissioner Jane Wrightson says the Commission’s annual budget has remained unchanged since 2016 and the Commission will be using its financial reserves over the next four years to run the organisation. https://www.interest.co.nz/investing/131130/retirement-commissioner-jane-wrightson-says-commission%E2%80%99s-annual-budget-has

9 Dec 2024 - The Reserve Bank of New Zealand welcomes the new Financial Policy Remit. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-welcomes-new-financial-policy-remit

10 Dec 2024 - The FMA is launching a pilot “regulatory sandbox” and is asking for applications from interested parties. A regulatory sandbox is a concept which allows firms to test innovative products, services or business models.  An initial pilot phase will run from January to July 2025, with a decision on the need for a permanent FMA regulatory sandbox to be made later in the year.  https://www.fma.govt.nz/library/opinion/fma-launches-regulatory-sandbox-pilot-for-2025/

10 Dec 2024 - RBNZ's Digital Cash consultation finds cash is crucial and current payment options are not delivering what customers want. https://www.rbnz.govt.nz/hub/news/2024/12/kiwis-say-cash-and-privacy-are-crucial-in-record-digital-cash-consultation-response

10 Dec 2024 - RBNZ has published Tara-ā-Umanga Business Expectations Survey: Development update following third pilot. They plan to run a fourth pilot in January 2025.  https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bse-background-material/bes-development-update-pilot3.pdf?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=8347780dcb-Stats+Alert+Business+Survey+of+expectations&utm_medium=email&utm_term=0_-8347780dcb-597079373

11 Dec 2024 - The RBNZ has released a thematic review into how deposit takers support financial inclusion. The review provides an overview of the practices and initiatives deposit takers have introduced to support financial inclusion. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-thematic-review-identifies-opportunities-to-enhance-financial-inclusion-practices

11 Dec 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November 2024 diary released with the following potential financial services sector related meetings noted:

  • 4 Nov 2024 – MEET: Financial Markets Authority (FMA Officials)

  • 5 Nov 2024 – ATTEND: Launch of Australasian Open Banking eco system report (invited guests)

  • 7 Nov 2024 – MEET: NZBA (Roger Beaumont, Miles Erwin)

  • 7 Nov 2024 – CALL: Banking Ombudsman (Miriam Dean)

  • 11 Nov 2024 – MEET: Kiwisaver Roundtable (invited guests)

  • 11 Nov 2024 – MEET: CEO of Financial Services Council (Kirk Hope)

  • 13 Nov 2024 – MEET: FMA (Craig Stobo and Samantha Barrass)

  • 13 Nov 2024 – MEET: MBIE Officials (Suzanne Stew)

  • 20 Nov 2024 – MEET: NZBA (Dan Huggins)

  • 20 Nov 2024 – MEET: MBIE Officials (MBIE officials)

  • 21 Nov 2024 – SPEAK: NZ & Australia Chartered Accontants Conference (conference attendees)

  • 21 Nov 2024 – MEET: Commerce Commission Meeting (Commerce Commission Officials)

  • 22 Nov 2024 – MEET: Securities Industry Association and FMA (Tim Kiefte, Bridget MacDonald, Craig Stobo, Samantha Barrass and SIA members)

  • 27 Nov 2024 – PHONE: Retirement Commissioner (Jane Wrightson )

https://www.beehive.govt.nz/sites/default/files/2024-12/Proactive%20Diary%20Release%20Nov%2024%27%20Hon%20Andrew%20Bayly.pdf

Read More
Kelly O Kelly O

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

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-252mr-asic-announces-new-enforcement-priorities-with-a-focus-on-cost-of-living-pressures/?altTemplate=betanewsroom

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)

https://www.beehive.govt.nz/sites/default/files/2024-11/Proactive%20Diary%20Release%20Oct%2024%27%20Hon%20Andrew%20Bayly.pdf

15 Nov 2024 - The FMA publish an updated calendar of events. https://www.fma.govt.nz/library/events/calendar-of-events/

Read More
Kelly O Kelly O

Chubb launches underwriting chat service

Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions.

Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions. Once the conversation is completed a chat transcript is able to be downloaded, for advisers to submit with the application or save to their customer files. You can find out more on their quick guide and their explainer video.

Read More
Kelly O Kelly O

FSC sees opportunities for increased contributions to KiwiSaver

KiwiSaver has been in the news recently with the FMA releasing their KiwiSaver Annual Report 2024. The FSC have welcomed the insights from the FMA report and said they see opportunities for increased contributions.

KiwiSaver has been in the news recently with funds under management surpassing the $100b mark and the Financial Markets Authority (FMA) releasing their KiwiSaver Annual Report 2024. The Financial Services Council (FSC) have welcomed the insights from the FMA report and said they see opportunities for increased contributions. Kirk Hope, CEO of the FSC said,

“With KiwiSaver funds under management surpassing the $100bn mark, this is a great opportunity to look at KiwiSaver contribution settings and how we can make it affordable over time so that New Zealanders can have dignity in retirement.”

“Increasing contribution levels, in combination with financial literacy that helps New Zealanders understand the benefits and mechanisms of KiwiSaver, are key to driving better retirement outcomes,”

 

More news:

nib join the Sustainable Business Council NZ

Asteron Life, Chubb Life & Fidelity Life are finalists at the New Zealand Insurance Industry Awards

Fidelity Life employees have unlimited access to LinkedIn’s library of courses

IFSO take their first enforcement proceeding against a Participant

Jon-Paul Hale recommends advisers are clear in explaining unfunded medicines

Workplace Savings End of Year Function 2024 on 4 November

Fidelity Life offer advisers opportunity to go on professional development course

FinTech NZ Annual Meeting on 6 November

Retirement Commissioner says there’s a “crucial need” for all political parties to support a stable retirement policy

Mental Health Minister announces Child and Youth Mental Health and Addiction Prevalence Survey

Read More
Kelly O Kelly O

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)

https://www.beehive.govt.nz/sites/default/files/2024-09/Proactive%20Diary%20Release%20Aug%2024%27%20Hon%20Andrew%20Bayly.pdf

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/

Read More
Kelly O Kelly O

Kiwibank report $202 million after-tax profit

Kiwibank posted a record $202 million after-tax profit for the year to June 30 2024, up 15% from the previous year.

Kiwibank has featured in the news a lot recently, from the Commerce Commission’s recommendation that the Government should consider what is necessary to make Kiwibank a disruptive competitor, to the release of Kiwibank’s latest financial results.

Kiwibank posted a record $202 million after-tax profit for the year to June 30 2024, up 15% from the previous year. Kiwibank were able to grow their lending book by 9.3% to $32.4 billion. Impressively, home lending grew 2.7 times faster than the market and business lending grew 3 times faster than the market. Deposits increased by $2.4 billion, growing the deposit book by 9.4% to $28.2 billion

Steve Jurkovich, Kiwibank CEO, has said a $500 million capital infusion would

“give us a lot of runway to keep growing as fast as we are now, which is 9.5%, 10% [per annum], which is pretty large gains. That sort of investment over the next three, four years would give good runway.”

"With the right support and delivery of the right business plan and right initiatives, I think we could double our size in five years.”

Jurkovich has also said it may not be essential for the bank to remain 100% NZ owned, pointing to other examples of successful majority owned businesses like Air New Zealand. Jurkovich cautions that any requirement to pay sizeable dividends could impact their ability to grow, given that capital growth to date has mainly been via retained earnings.

Mortgage advisers now account for around 35% of Kiwibank’s total mortgage book, having originated 71% of Kiwibank home loans this year. Kiwibank’s accredited advisers have grown to about 1,000 now, up from 250 at June 30, 2022.

 

More news:

Report on the MAS 2024 Annual General Meeting released

Antonia Watson says the big banks can't afford to be NZ owned

TSB respond to the Commerce Commission’s banking study

FinTechNZ Hui Taumata 2025 is on 11 March 2025

Investment News release their KiwiSaver annual report

Study finds a majority of New Zealanders feel financially uncomfortable

Tips on what to eat to beat high blood pressure

Read More
Kelly O Kelly O

Commerce Commission release banking competitiveness study

The Commerce Commission have released the Final Report on personal banking competitiveness.

The Commerce Commission have released the Final Report on personal banking competitiveness. 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.”

The study found little strategic differentiation between the major banks and found their growth targets focus on maintaining market share and protecting margins and profitability, limiting competitiveness and innovation.

The Commission’s recommendations to Government can be grouped into four key areas and broadly speaking involve making Kiwibank a more disruptive competitor, accelerating progress on open banking, ensuring the regulatory environment better supports competition and empowering consumers.

While both the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) and Financial Advice New Zealand (FANZ) have welcomed the report, after criticising the draft report which was released in March.  Since then, the Commerce Commission has engaged with both associations as well as other representatives from the mortgage industry to better understand the role advisers work.

Leigh Hodgetts, country manager of FAMNZ, has called out the Commerce Commission’s statement that advisers should put more emphasis on price, saying that there are many factors around individual circumstances that must be considered when a consumer takes a loan.

Financial Advice New Zealand said it would be seeking clarity on the recommendations, in an effort to determine any unintended consequences.

 

More news:

Tony Vidler recommends advisers can evidence why their advice was suitable at the time

mySolutions webinar 'The meeting before the meeting' 28 August

Asteron Life sale should be completed by the end of January 2025

Asteron Life profit after tax fell by 27% to $19m

Financial Advice NZ Central Branch Meeting 27 August

Financial Advice NZ webinar 'Financial advice is moving from product to people and from money to meaning' 4 September

Southern Cross Health Insurance opens nominations for Wayfinder Awards

ASB CEO Vittoria Shortt would like to see KiwiSaver policy changes

The FMA publish the latest 'Money with Mary'

IFSO needs to incorporate as a limited liability company for merger

Suncorp Group net profits after tax are up by nearly 12%

Read More
Kelly O Kelly O

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)

https://www.beehive.govt.nz/sites/default/files/2024-08/Proactive%20Diary%20Release%20Hon%20Andrew%20Bayly%20July%202024.pdf

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

Read More
Kelly O Kelly O

Fidelity Life extend 3 months free until 31 December 2024

Fidelity Life has extended their 3 months premium free offer until 31 December.

Read More
Kelly O Kelly O

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.

https://www.apra.gov.au/news-and-publications/apra-and-asic-issue-final-rules-and-information-for-financial-accountability

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/

Read More