This page describes the financial markets conduct regulatory system, its objectives and our qualitative assessment of it. It also lists the main statutes and changes to regulation either planned or in progress.
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.
The government is progressing the development of a ‘consumer data right’ to give individuals and businesses greater choice and control over their data. This is done through the Customer and Product Data Bill, which has been introduced to Parliament and is now before the Economic Development, Science and Innovation Committee.
The Ministry of Business, Innovation and Employment (MBIE) is seeking feedback on options for streamlining how banks and other financial service providers are regulated by the government.
The Government has announced a two-phased package of reforms to streamline financial services.
MBIE is responsible for administering legislation relating to the regulation of financial advice in New Zealand.
The Financial Markets Conduct Act 2013 (FMC Act) governs how financial products are offered, promoted, issued and sold, and the ongoing responsibilities of those who offer, issue, manage, supervise, deal in, and trade them. The FMC Act also regulates the provision of certain financial services (including financial advice services) and the conduct of financial institutions.
The Ministry of Business, Innovation & Employment consulted on proposed changes to the Responsible Lending Code.
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 Retirement Commissioner is required to review the Government’s retirement income policies every 3 years, under the New Zealand Superannuation and Retirement Income Act 2001.
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