On 29 June 2022, the Government passed the Financial Markets (Conduct of Financial Institutions) Amendment Act (CoFI) introducing a new legislative framework to regulate the conduct of financial institutions and their intermediaries.
It addresses concerns raised in the Reserve Bank of New Zealand (RBNZ)/Financial Markets Authority (FMA) thematic reviews into conduct and culture in New Zealand’s retail banks in 2018, and life insurers in 2019. These reviews followed the Australian Royal Commission addressing Misconduct in the Banking, Superannuation and Financial Services Industry in 2018.
Our summary looks at key changes outlined by the new CoFI regime and answers the following questions:
When will CoFI take effect?
What penalties could apply for CoFI breaches?
What should you be doing to prepare for CoFI?
How PwC can help
How you respond to regulation comes down to your strategy. Having an approach that not only prepares
your business to adapt to CoFI in an efficient and effective way, but can also stand up to regulatory scrutiny is key.
Our team uses deep industry insights, technical experience and expertise to help you prioritise what matters most and give you more agility. We provide a range of services tailored to your circumstances. It starts by determining the extent and type of assistance you need, depending on your risks and current controls.
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