News

The Government has announced a two-phased package of reforms to streamline financial services.

On 31 January 2024, the Government announced plans to reform the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) and the Credit Contracts and Consumer Finance Act (CCCFA).

The New Zealand Government Procurement (NZGP) branch of the Ministry of Business, Innovation and Employment (MBIE) has today announced an updated All-of-Government (AoG) panel providing a range of banking services to government agencies until 30 June 2027.

Today the Government has announced that it will ask the Commerce Commission (the Commission) to undertake a market study into competition in New Zealand’s personal banking sector.

The Government has announced a final set of changes to the Credit Contracts and Consumer Finance Act and the Responsible Lending Code to improve safe access to credit for Kiwis. The changes will be applied from 4 May 2023.

The Ministry of Business, Innovation and Employment (MBIE) has today confirmed that Mr John Matthews has been appointed as Chair of the Financial Advisers Disciplinary Committee.

The Ministry of Business, Innovation and Employment (MBIE) has today opened consultation on regulations relating to sales incentives and proposed licensing fees to support a new regulatory regime to govern conduct in the financial sector.

The Government has agreed through Budget 2022 to increase the Financial Market Authority - Te Mana Tātai Hokohoko’s (FMA) annual operating funding from $60.805 million to $76.401 million in 2025/26.

Initial proposed changes to lending requirements announced by the Government today will help New Zealanders acquire credit safely and responsibly.

The Ministry of Business, Innovation and Employment (MBIE) has today confirmed the appointment of 3 new members of the Financial Markets Authority Board, along with the reappointment of a current board member.