Reducing barriers for financial services

The CoFI reforms will address financial market conduct regulation and areas of regulatory overlap between the Reserve Bank of New Zealand (RBNZ), the Commerce Commission and the Financial Markets Authority (FMA).

These reforms will also seek to simplify licensing requirements so financial institutions will only be required to hold one conduct licence overseen by the FMA.

The Government is proposing a 2-step process to streamline the CCCFA. The amendments will seek to ensure vulnerable consumers are protected without preventing Kiwis getting the credit they can afford. 

Read the Beehive press release here:

Reducing barriers for financial services(external link)  — Beehive.govt.nz