Progressing financial services reform
Published: 23 Apr 2024Cabinet paper providing advice on a number of proposals relating to financial services reform.
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PDF, 267KB, 19 pages
The Government is progressing a two-phased package of reforms to streamline financial services.
In January 2024, the Minister of Commerce and Consumer Affairs announced plans to reform aspects of New Zealand’s financial services regulation.
The financial services regulatory landscape has become increasingly complex over the years, and these reforms aim to remove unnecessary compliance costs currently imposed on financial services. The package of reforms will improve outcomes for consumers by ensuring New Zealanders can confidently access the financial products and services they need in a way that is safe.
Together, these reforms aim to provide regulatory clarity, protect vulnerable consumers and grow the economy.
MBIE will publicly consult on revisions to the Responsible Lending Code, and possible amendments to the Credit Contracts and Consumer Finance Act (CCCFA), including changes to the high-cost credit provisions, Conduct of Financial Institutions (CoFI) and conduct licencing, and financial dispute resolution in the coming months.
Reducing barriers for financial services(external link) — Beehive.govt.nz
Speech at Financial Services Council Outlook 2024(external link) — Beehive.govt.nz
Phase 1 of the reforms involves:
Credit Contracts and Consumer Finance Amendment Regulations 2024(external link) — New Zealand Legislation
Financial Service Providers (Rules for Approved Dispute Resolution Schemes) Regulations 2024(external link) — New Zealand Legislation
Phase 2 will involve a more substantive review of various pieces of financial services legislation, including:
Cabinet paper providing advice on a number of proposals relating to financial services reform.
PDF, 267KB, 19 pages
Cabinet agreed on a number of proposals relating to financial services reform.
PDF, 215KB, 5 pages
RIS analysing options to reducing the burden of affordability requirements in consumer credit legislation.
PDF, 667KB, 32 pages
Cabinet paper seeking agreement to the direction of financial services reforms.
PDF, 140KB, 10 pages
Supporting better financial outcomes for Kiwis(external link) — Beehive.govt.nz
Crown copyright © 2024
https://www.mbie.govt.nz/business-and-employment/business/financial-markets-regulation/2024-financial-services-reforms
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