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MBIE Releases Consultations On Regulations And Fees For Conduct Of Financial Institutions Regime
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko notes two consultations by the Ministry of Business, Innovation and Employment (MBIE) on incentives regulations and proposed licensing fees to support the Conduct of Financial Institutions (CoFI) regime.
The Financial Markets (Conduct of Institutions) Amendment Act 2022 amends the Financial Markets Conduct Act 2013 to ensure financial institutions treat consumers fairly. It introduces a new regulatory regime to ensure registered banks, licensed insurers and licensed non-bank deposit takers comply with the fair conduct principle when providing relevant services to consumers. It is designed to protect consumers by putting the consumer at the forefront of institutions’ decisions and actions.
The two consultations opened by MBIE today seek feedback on the supporting regulations for this new regime, relating to the prohibition of sales incentives based on volume and value targets (submissions on exposure draft regulations close on 9 November 2022) and the proposed licensing fees for financial institutions (submissions on a discussion document close on 26 October 2022).
Details and instructions for submissions can be found on the MBIE website.
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