Legal and regulatory update for the life and health insurance sector
23 Dec 2024 - Westpac admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business customers, in civil proceedings brought by the FMA at the High Court in Auckland. Westpac’s breaches of the fair dealing provisions under the Financial Markets Conduct Act 2013 (FMCA) affected a total of 24,621 customers and resulted in $6.35m in overcharges. https://www.fma.govt.nz/news/all-releases/media-releases/westpac-admits-to-misleading-representations/
23 Dec 2024 - The Privacy Commissioner has announced his intention to issue a Biometric Processing Privacy Code of Practice and is calling for submissions on the draft Code. https://privacy.org.nz/news/consultations/
29 Jan 2025 - RBNZ publish Chief Economist Paul Conway's speech which discussed New Zealand’s longer-term ‘potential output’ and its significance for monetary policy. https://www.rbnz.govt.nz/hub/news/2025/01/beyond-the-cycle
29 Jan 2025 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly December 2024 diary released with the following potential financial services sector related meetings noted:
5 Dec 2024 – ZOOM: REVOLUT + UK High Commision (Jeannie Lum + Officials)
6 Dec 2024 – MEET: Fintech Roundtable (invited attendees)
6 Dec 2024 – MEET: Westpac (Catherine McGrath)
6 Dec 2024 – SPEAK: Confirmation of Payee Launch (Duncan Robertson and guests)
10 Dec 2024 – MEET: Resolution Life (Tim Tez & Toda Kazuhide)
16 Dec 2024 – MEET: Commerce Commission (Hon Stephen Jones and Commerce Commission Officials)
16 Dec 2024 – MEET: FMA (Hon Stephen Jones, Craig Stobo, Samantha Barras)
18 Dec 2024 – MEET: Retirement commissioner (Jane Wrightson)