Government to reform financial services regulations

The Beehive Parliament Building in Wellington, New Zealand
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The Commerce and Consumer Affairs Minister, Andrew Bayly, has announced at a Financial Services Council conference today that the Government will reform financial services regulations to reduce bureaucracy for both institutions and Kiwis – in order to get the economy back on track.

To simplify the regulatory model, the RBNZ will be the prudential regulator, and the FMA will be the single conduct regulator.

Mr Bayly also announced plans to streamline the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) and reform the CCCFA to protect vulnerable consumers without unnecessarily limiting access to credit.

In addition, he stated that it is his intention to simplify, modernise and digitise the Companies Act.

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Disclaimer: The content of this article is general in nature and not intended as a substitute for specific professional advice on any matter and should not be relied upon for that purpose.

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