Reducing barriers for financial services
Published: 01 February 2024
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 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
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