MBIE: Conduct of Financial Institutions Review

Late last year the Financial Markets Authority and the Reserve Bank of New Zealand published two joint reviews into the conduct and culture of banks and life insurers in New Zealand. These reviews have identified a number of issues with bank and insurer conduct and gaps in how we regulate them. As a result of these reports, and the findings of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Government is consulting on potential options to improve the conduct of financial institutions to ensure good outcomes for customers.

The Ministry of Business Innovation and Employment released a discussion paper for public consultation which includes options for improving financial institutions' conduct.

Read the IIA NZ submission on the discussion paper here.