Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Legal and regulatory update for the life and health insurance sector
APRA consult on minor proposals related to the Banking Act; raft of changes coming to ACC; NZ Police run free goAML training sessions; ASIC Commissioner speaks on regulatory priorities in financial advice; FMA release The Financial Conduct Report; FMA release new podcast; RBNZ snapshot compares how banks are working to remove unnecessary barriers to Māori Access to Capital; RBNZ modelling of risk scenarios under the CCCFA; FMA cancel Filcare Services Limited’s Financial Advice Provider licence.
18 Jun 2025 - APRA has released for consultation a set of minor proposals for instruments relating to section 66 of the Banking Act 1959 (the Banking Act). https://www.apra.gov.au/news-and-publications/apra-consults-on-proposals-for-instruments-relating-to-section-66-of-banking
18 Jun 2025 - Changes coming to modernise ACC regulations, including twelve new additions to ACC’s list of occupational diseases; reimbursement rates increasing for claimants having their ACC decisions reviewed, and for those needing to travel to access ACC covered treatment; the age scale used to assess hearing loss for ACC cover is being updated to align with current international standards. https://www.mbie.govt.nz/about/news/changes-coming-to-modernise-acc-regulations
19 Jun 2025 - The NZ Police Financial Intelligence Unit (FIU) is running free goAML training sessions in Auckland and Christchurch across July. https://www.dia.govt.nz/AML-CFT-Free-goAML-training-in-Auckland-and-Christchurch-this-July-2025
23 Jun 2025 - ASIC Commissioner Alan Kirkland spoke at the Professional Planner Licensee Summit on regulatory priorities in financial advice. https://www.asic.gov.au/about-asic/news-centre/speeches/regulatory-priorities-in-financial-advice/
25 Jun 2025 - The FMA have released The Financial Conduct Report, which will be an annual publication for the financial industry that sets out the FMA's priorities and the drivers behind what they are doing. https://www.fma.govt.nz/library/reports-and-papers/financial-conduct-report/
25 Jun 2025 - The FMA have released episode #14 of ‘5 mins with the FMA’ Podcast - Financial Conduct Report. https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-14-financial-conduct-report/
26 Jun 2025 - RBNZ has published a primarily qualitative snapshot that offers a comparison of how banks are working to remove unnecessary barriers to Māori Access to Capital. https://www.rbnz.govt.nz/hub/news/2025/06/snapshot-highlights-banks-efforts-to-reduce-unnecessary-barriers-for-maori
26 Jun 2025 - A ministerial briefing summarising RBNZ modelling outlines three risk scenarios for banks’ ability to meet capital requirements under the Credit Contracts and Consumer Finance Act (CCCFA). https://www.mpamag.com/nz/news/general/129bn-lending-law-risk-threatens-nz-financial-system-rbnz/540506
26 Jun 2025 - The FMA has cancelled Filcare Services Limited’s (Filcare) Financial Advice Provider licence, at its request. Filcare held a full financial advice provider licence, providing financial advice to approximately 1,800 retail clients, many of whom were migrant workers from the Filipino community. Filcare’s cancellation follows the termination of its distribution agreement with Fidelity Life Assurance Company Limited and AIA New Zealand Limited, and the FMA's subsequent inquiry into its affairs. https://www.fma.govt.nz/news/all-releases/media-releases/fma-cancels-filcare-licence/
Legal and regulatory update for the life and health insurance sector
APRA release March quarter insurance stats; FMA release AML/CFT guidance for Financial Institutions on risk ratings for new customers; ACC Board Chair resigns; APRA and ASIC update on life companies progress; new Assistant Governor Enterprise Services at RBNZ.
29 May 2025 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the March 2025 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-march-2025
30 May 2025 - The FMA has released AML/CFT guidance for Financial Institutions on risk ratings for new customers. https://www.fma.govt.nz/library/guidance-library/aml-cft-guidance-for-financial-institutions/
30 May 2025 - ACC Minister Scott Simpson has accepted the resignation of ACC Board Chair Dr Tracey Batten. https://www.beehive.govt.nz/release/acc-minister-accepts-board-chair%E2%80%99s-resignation
5 Jun 2025 - APRA and ASIC have released an update on the progress life companies (life insurers and friendly societies) have made in addressing issues related to premium increases, product design, and disclosure and marketing materials. https://www.apra.gov.au/news-and-publications/asic-and-apra-provide-update-on-review-of-life-insurance-premium-practices
5 Jun 2025 - Kate Le Quesne has been appointed to the new role of Assistant Governor Enterprise Services at RBNZ. https://www.rbnz.govt.nz/hub/news/2025/06/new-appointment-to-the-rbnz-executive-leadership-team
Legal and regulatory update for the life and health insurance sector
RBNZ publish Paul Conway speech; APRA release Life Insurance Claims and Disputes Statistics publication; RBNZ Five Year Funding Agreement published; ASIC to launch a new digital portal for licensing; The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices.
15 Apr 2025 - RBNZ publish Chief Economist Paul Conway speech 'Forecasting: (conditionally) charting the path forward'. https://www.rbnz.govt.nz/hub/news/2025/04/forecasting-conditionally-charting-the-path-forward
15 Apr 2025 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2024 to 31 December 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-10
16 Apr 2025 - The Minister of Finance has published the RBNZ Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ’s core operating expenditure from 1 July 2025 through to 31 June 2030. The FYFA has been set at $750m, with some elements of RBNZ’s spending excluded from the agreement. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-five-year-funding-agreement
16 Apr 2025 - ASIC is launching a new digital portal for licensing on 5 May 2025 to apply for, vary and cancel an Australian financial services (AFS) licence. https://asic.gov.au/about-asic/news-centre/news-items/asic-to-launch-new-portal-for-australian-financial-services-licensees/
16 Apr 2025 - The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices, recommendations that have been made to the Minister of Commerce and Consumer Affairs. https://www.takeovers.govt.nz/assets/LawReform/Recommendations/Revised-Recommendations-to-Minister-March-2025.pdf
Legal and regulatory update for the life and health insurance sector
RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor; FMA announce review of advice sector; FMA release regulatory returns snapshot; FMA publish Samantha Barrass’ speech; FMA release latest Jess Learns to Invest podcast; APRA accept Court Enforcable Undertaking from ANZ; Hon Scott Simpson’s March 2025 diary released; COFR held quarterly meeting; FMA publish fair conduct programme insights report; RBNZ welcome applications to ESAS under new criteria.
1 Apr 2025 - The RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor for six months and will be sending it to the Minister soon. https://www.rbnz.govt.nz/hub/news/2025/04/process-for-the-appointment-of-a-governor-for-a-six-month-term
2 Apr 2025 - FMA announce a review of the advice sector to help drive better outcomes for industry and consumers. It will focus on four key themes, which are:
Consumer preferences and demographics
Industry business models
Digital advice and innovation
Ease of provision of financial advice
2 Apr 2025 - The FMA release a Regulatory Returns snapshot for 1 July 2023 – 30 June 2024. Key statistics (as of 30 June 2024)
1410 licensed financial advice providers submitted regulatory returns
8472 financial advisers compared to 9300 in 2021
Life and health insurance are the most common financial products advice is provided on
36 FAPs are providing digital advice and 86,500 retail clients received digital advice
97% of complaints received were settled within 3 months.
https://www.fma.govt.nz/library/reports-and-papers/financial-advice-providers-industry-snapshot/
2 Apr 2025 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Conference. https://www.fma.govt.nz/library/speeches-and-presentations/financial-advice-new-zealand-conference/
2 Apr 2025 - The FMA release Jess Learns to Invest Episode 3 | Understanding Managed Funds with Tom Hartmann. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-3/
3 Apr 2025 - APRA has accepted a Court Enforceable Undertaking from Australia and New Zealand Banking Group (ANZ) to address ongoing weaknesses in the bank’s non-financial risk management practices and risk culture. https://www.apra.gov.au/news-and-publications/apra-accepts-court-enforceable-undertaking-from-anz-and-increases-capital-add
4 Apr 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, March 2025 diary released with the following potential financial services sector related meeting noted:
6 Mar 2025 – MEET: Commerce Commission Chair and CE (Dr John Small, Adrienne Meikle)
10 Mar 2025 – MEET: NZ Banking Association CE (Roger Beaumont)
10 Mar 2025 – MEET: FMA Chair and Acting CE (Craig Stobo and Liam Mason)
10 Mar 2025 – MEET: Financial Services Stakeholders (Carl Blanchard & invited guests)
10 Mar 2025 - SPEAK: Financial Services Forum
11 Mar 2025 – SPEAK: Fintech Hui
13 Mar 2025 – MEET: Financial Ombudsman Reviewer (Nanette Moreau)
18 Mar 2025 -MEET: Financial Services Council CE (Kirk Hope)
18 Mar 2025 – MEET: ASB CEO (Vittoria Short, Louise Griffin)
19 Mar 2025 – MEET: FAMNZ (Leigh Hodgetts)
24 Mar 2025 – MEET: NZBA (Roger Beaumont and Dan Huggins)
25 Mar 2025 -MEET: CE of Westpac (Catherine McGrath)
26 Mar 2025 – MEET: Banking Ombudsman CE and Chair (Nicola Sladden and Miriam Dean)
26 Mar 2025 – MEET: Retirement Commissioner (Jane Wrightson)
27 Mar 2025 – MEET: FINCAP (Jake Lilley, Fleur Howard)
27 Mar 2025 – MEET: Financial Service Federation (Katie Rawlinson)
28 Mar 2025 – ATTEND: NZ Banking Assoc Council
31 Mar 2025 - MEET: Suncorp CEO (Jimmy Higgins)
4 Apr 2025 - The Council of Financial Regulators (CoFR) held its quarterly meeting on Monday 24 March 2025. The Council discussed the key external factors that could impact the financial system, noting in particular the rapid developments in artificial intelligence and ongoing geopolitical uncertainty. The Council reviewed developments in New Zealand’s payments system and noted the importance of upcoming developments like the passage of the Customer and Products Data Bill. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-march-2025.html
4 Apr 2025 - The FMA have published their fair conduct programme insights report. https://www.fma.govt.nz/library/reports-and-papers/fair-conduct-programme-insights-report/
7 Apr 2025 - The RBNZ is welcoming applications to the Exchange Settlement Account System (ESAS) under new access criteria announced on 31 March 2025. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-welcomes-new-applications-to-the-exchange-settlement-account-system
Legal and regulatory update for the life and health insurance sector
CoFI came into effect; RBNZ appears before the Finance and Expenditure committee; COFR publish Q1 2025 regulatory initiatives calendar; Parliament indicate IPP3A will come into force on 1 May 2026; RBNZ is opening access to its Exchange Settlement Account System’ APRA release private health insurance risk equalisation stats; Credit Contracts and Consumer Finance Amendment Bill, Financial Markets Conduct Amendment Bill and the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill were introduced into Parliament.
31 Mar 2025 - The Conduct of Financial Institutions (CoFI) regime came into full effect today. 77 financial institutions have been licensed by the FMA - 17 banks, 46 insurers and 14 non-bank deposit takers (credit unions, building societies and some finance companies). https://www.fma.govt.nz/news/all-releases/media-releases/cofi-regime-in-effect/
31 Mar 2025 - The RBNZ appeared before the Finance and Expenditure Committee (FEC) for their banking inquiry and discussed the wide range of initiatives underway to support and improve competition in the banking sector. https://www.rbnz.govt.nz/hub/news/2025/03/rbnz-outlines-work-to-support-competition
31 Mar 2025 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q1 2025. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2025.pdf
31 Mar 2025 - Parliament has indicated that IPP3A will come into force on 1 May 2026, and all organisations will need to have their systems in place to meet the new requirements by then. The Office of the Privacy Commissioner is aiming to have the guidance developed and published on their website to allow organisations plenty of time to implement the requirements of the new Act. https://privacy.org.nz/news/statements-media-releases/the-privacy-amendment-bill-is-coming-soon-heres-what-you-need-to/
31 Mar 2025 - The RBNZ is opening access to its Exchange Settlement Account System (ESAS) following a comprehensive public consultation. The new criteria will open ESAS eligibility to more non-bank entities in two phases:
• First, to licensed non-bank deposit takers (NBDTs) in New Zealand; and
• Second, to other entities that meet the access criteria. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs)."
31 Mar 2025 - APRA has released its private health insurance risk equalisation statistics publication for the 2023/24 financial year. https://www.apra.gov.au/news-and-publications/apra-releases-private-health-insurance-risk-equalisation-statistics-for-4
31 Mar 2025 - Credit Contracts and Consumer Finance Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Markets Conduct Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
31 Mar 2025 - Financial Service Providers (Registration and Dispute Resolution) Amendment Bill introduced into Parliament. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
Legal and regulatory update for the life and health insurance sector
Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs; APRA to consult on captial settings for annuity products; from 31 March, banks, insurers and non-bank deposit takers need to be licensed to continue providing relevant services to consumers in New Zealand; FMA to publish question set and key themes on financial institutions regulatory returns; APRA release quarterly insurance statistics for December 2024; RBNZ to commence quarterly publication of the new Business Expectations Survey in mid-May.
24 Feb 2025 - Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs. https://www.beehive.govt.nz/minister/hon-scott-simpson
27 Feb 2025 - The Australian Prudential Regulation Authority has confirmed it will proceed with a public consultation on capital settings for annuity products. This aligns with APRA’s goal to support life insurers to increase the availability of retirement products for retirees, as outlined in its Corporate Plan 2024-25. https://www.apra.gov.au/news-and-publications/apra-confirms-consultation-on-changes-to-capital-requirements-for-annuity
27 Feb 2025 - From 31 March 2025, the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) requires banks, insurers and non-bank deposit takers to be licensed to continue providing relevant services to consumers in New Zealand. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
27 Feb 2025 - The FMA will be publishing the financial institutions regulatory returns final question set along with a Summary of Key Themes, including the submissions received from the consultation, and a Regulatory Impact Statement, by end of March 2025. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
28 Feb 2025 - APRA release quarterly insurance statistics for December 2024. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-december-2024
3 Mar 2025 - RBNZ plan to commence ongoing quarterly publication of the new Tara-ā-Umanga Business Expectations Survey in mid-May 2025 (for the June quarter) in advance of the 28 May Monetary Policy Statement. https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
Legal and regulatory update for the life and health insurance sector
APRA release quarterly private health insurance performance stats; RBNZ issue second amendment to the Interim Solvency Standard 2023; Government announces reforms to strengthen NZ’s capital markets; FSC support allowing KiwiSaver funds to be invested in unlisted assets; APRA release annual private health insurance stats; CoFR release regulatory initiatives calendar for Q4; XRB publish documents on plan to consult on climate standards.
11 Dec 2024 - APRA has released its quarterly private health insurance performance statistical publication for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-performance-statistics-for
12 Dec 2024 - RBNZ has issued the second amendment to the Interim Solvency Standard 2023, which will take effect for all relevant insurers from 1 March 2025. https://www.rbnz.govt.nz/hub/news/2024/12/second-amendment-to-insurance-interim-solvency-standard-issued
13 Dec 2024 - The FSC has come out in support of the Government’s announcement to allow KiwiSaver funds to be invested in unlisted assets. https://blog.fsc.org.nz/media-statement-13-december-2024
13 Dec 2024 - The Government is progressing a package of reforms to help ensure our capital markets are working to support a productive economy. As a first step, the Government is making it easier for businesses to raise money from the public by making it voluntary to provide forward-looking financial information as part of an Initial Public Offering of shares. This will give businesses more flexibility and bring New Zealand closer in line with other countries like Australia. These changes are expected to be in place by May 2025. The Government has also opened consultation on two specific proposals that will help create more effective capital markets: Enabling KiwiSaver investment in private assets; and potential adjustments to the climate-related disclosures regime. https://www.mbie.govt.nz/about/news/strengthening-new-zealands-capital-markets
13 Dec 2024 - APRA has released its annual private health insurance statistical publication for the 2023-2024 year. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-annual-private-health-insurance-statistics-for-2023
13 Dec 2024 - The Council of Financial Regulators (CoFR) has published their Regulatory Initiatives Calendar for Q4 2024. https://www.cofr.govt.nz/key-documents/regulatory-initiatives-calendar.html
16 Dec 2024 - The XRB has published a document that provides: information on their plan to consult on Aotearoa New Zealand Climate Standards (NZ CS), focusing on the topic of differential climate-related reporting and context to readers of the MBIE discussion document Adjustments to the climate-related disclosures regime. https://www.xrb.govt.nz/dmsdocument/5355/
Legal and regulatory update for the life and health insurance sector
RBNZ to publish new statistics on credit flows on 5 December; NZs made more than 1,000 privacy complaints; FMA publish Climate-Related Disclosures insights report; Australia pass two major pieces of privacy law reform; RBNZ’s annual re-weighting of the Trade-Weighted Index; APRA release general & life insurance stats for Sep quarter and respond to consultation; Government launches review of NZ’s competition rules; Retirement Commission budget remains unchanged since 2016; RBNZ welcomes new Financial Policy Remit; FMA to launch a pilot regulatory sandbox; results from RBNZ’s digital cash consultation released; RBNZ release update on business expectations survey; RBNZ release review of how deposit takers support financial inclusion; Minister’s November diary released.
3 Dec 2024 - On 5 December, the RBNZ will publish new statistics from the monthly New Credit Flows Survey. The New Credit Flows Survey collects data from registered banks on new lending during the month and its associated weighted average interest rates. This means from 5 December, monthly data will be available that reflects the actual interest rates being taken by customers month-to-month on new residential mortgage loans.
3 Dec 2024 - New Zealanders made a record 1003 privacy complaints to the Office of the Privacy Commissioner last financial year. Agencies (business and organisations) also reported 864 privacy breaches. https://privacy.org.nz/publications/statements-media-releases/no-one-should-be-happy-we-received-over-1000-privacy-complaints/
4 Dec 2024 - The FMA has published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statements. https://www.fma.govt.nz/news/all-releases/media-releases/fma-encouraged-by-first-climate-statements/
4 Dec 2024 - Australia has passed two major pieces of privacy law reform: the Australian Privacy and Other Legislation Amendment Bill 2024 and the Online Safety Amendment (Social Media Minimum Age) Bill 2024. https://www.bellgully.com/insights/privacy-update-australian-government-passes-two-major-pieces-of-privacy-law-reform/
4 Dec 2024 - The annual re-weighting of the Trade-Weighted Index (TWI) takes effect on 5 December, with the new weights released. The TWI is a weighted average of the New Zealand dollar against the currencies of New Zealand’s major trading partners. There are 17 currencies included in the TWI basket. The weights are calculated using a fully bilateral trade-weighted methodology. The weight for each currency is based on each country’s direct bilateral trade in goods and services with New Zealand, for the year ended June. https://www.rbnz.govt.nz/hub/news/2024/12/updated-weights-for-trade-weighted-index
5 Dec 2024 - APRA has released its general insurance and life insurance statistical publications for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-general-insurance-and-life-insurance-statistics-for
5 Dec 2024 - APRA has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs), insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-2
5 Dec 2024 - The Government has launched a review of New Zealand’s competition rules, looking to update the competition settings in the Commerce Act to ensure NZ's legal framework is right; and review the governance and effectiveness of the Commerce Commission to ensure NZ's regulatory and enforcement framework is right. https://www.beehive.govt.nz/release/major-review-competition-lift-productivity
6 Dec 2024 - The Retirement Commissioner Jane Wrightson says the Commission’s annual budget has remained unchanged since 2016 and the Commission will be using its financial reserves over the next four years to run the organisation. https://www.interest.co.nz/investing/131130/retirement-commissioner-jane-wrightson-says-commission%E2%80%99s-annual-budget-has
9 Dec 2024 - The Reserve Bank of New Zealand welcomes the new Financial Policy Remit. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-welcomes-new-financial-policy-remit
10 Dec 2024 - The FMA is launching a pilot “regulatory sandbox” and is asking for applications from interested parties. A regulatory sandbox is a concept which allows firms to test innovative products, services or business models. An initial pilot phase will run from January to July 2025, with a decision on the need for a permanent FMA regulatory sandbox to be made later in the year. https://www.fma.govt.nz/library/opinion/fma-launches-regulatory-sandbox-pilot-for-2025/
10 Dec 2024 - RBNZ's Digital Cash consultation finds cash is crucial and current payment options are not delivering what customers want. https://www.rbnz.govt.nz/hub/news/2024/12/kiwis-say-cash-and-privacy-are-crucial-in-record-digital-cash-consultation-response
10 Dec 2024 - RBNZ has published Tara-ā-Umanga Business Expectations Survey: Development update following third pilot. They plan to run a fourth pilot in January 2025. https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bse-background-material/bes-development-update-pilot3.pdf?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=8347780dcb-Stats+Alert+Business+Survey+of+expectations&utm_medium=email&utm_term=0_-8347780dcb-597079373
11 Dec 2024 - The RBNZ has released a thematic review into how deposit takers support financial inclusion. The review provides an overview of the practices and initiatives deposit takers have introduced to support financial inclusion. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-thematic-review-identifies-opportunities-to-enhance-financial-inclusion-practices
11 Dec 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November 2024 diary released with the following potential financial services sector related meetings noted:
4 Nov 2024 – MEET: Financial Markets Authority (FMA Officials)
5 Nov 2024 – ATTEND: Launch of Australasian Open Banking eco system report (invited guests)
7 Nov 2024 – MEET: NZBA (Roger Beaumont, Miles Erwin)
7 Nov 2024 – CALL: Banking Ombudsman (Miriam Dean)
11 Nov 2024 – MEET: Kiwisaver Roundtable (invited guests)
11 Nov 2024 – MEET: CEO of Financial Services Council (Kirk Hope)
13 Nov 2024 – MEET: FMA (Craig Stobo and Samantha Barrass)
13 Nov 2024 – MEET: MBIE Officials (Suzanne Stew)
20 Nov 2024 – MEET: NZBA (Dan Huggins)
20 Nov 2024 – MEET: MBIE Officials (MBIE officials)
21 Nov 2024 – SPEAK: NZ & Australia Chartered Accontants Conference (conference attendees)
21 Nov 2024 – MEET: Commerce Commission Meeting (Commerce Commission Officials)
22 Nov 2024 – MEET: Securities Industry Association and FMA (Tim Kiefte, Bridget MacDonald, Craig Stobo, Samantha Barrass and SIA members)
27 Nov 2024 – PHONE: Retirement Commissioner (Jane Wrightson )
Legal and regulatory update for the life and health insurance sector
Kiwibank fined for breaches of the Fair Trading Act; FMA to publish first climate-related disclosures insights report in December; FMA pause work on climate statements in disclosure documents; new FMA podcast released; APRA release quarterly private health insurance data; Privacy week 2025 dates and theme confirmed; FMA release Consumer Confidence Survey.
28 Nov 2024 - Kiwibank has been fined $1.5 million after pleading guilty to 21 breaches of the Fair Trading Act, resulting in overcharges to 35,000 customers totaling $6.8 million. https://comcom.govt.nz/news-and-media/media-releases/2024/systemic-breaches-of-consumer-law-lead-to-$1.5million-fine-for-kiwibank
28 Nov 2024 - The FMA will publish its first climate-related disclosures insights report in early December. It will include findings and areas for improvement based on the reviews of climate statements prepared for reporting periods ended between 31 December 2023 – 31 March 2024. The FMA will be running webinars on Tuesday 10 and Thursday 12 December to discuss the report and answer questions.
28 Nov 2024 - Following consultation in July on proposed guidance for references to climate statements in disclosure documents, the FMA have decided to pause work on this project. https://www.fma.govt.nz/assets/Exemption/Submissions-report-CRD-PDS-proposed-guidance.pdf?utm_medium=email&utm_campaign=FMA%20UPDATE%20NOVEMBER%202024&utm_content=FMA%20UPDATE%20NOVEMBER%202024+CID_ba79ea243bfbf23eb5e123188c21af00&utm_source=FMA%20Campaign%20Monitor%20Emails&utm_term=available%20here
28 Nov 2024 - The FMA release Navigating KiwiSaver Episode 4: KiwiSaver fees. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-4/
28 Nov 2024 - APRA has released its quarterly private health insurance publication for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-6
29 Nov 2024 - The Office of the Privacy Commissioner has confirmed that Privacy week 2025 will run from the 12-16 May 2025, with the theme "Privacy on Purpose". https://us18.campaign-archive.com/?u=5b61763783257eac3d863f400&id=e5ffb9f447
2 Dec 2024 - The FMA have released the results of its first Consumer Confidence Survey. Findings included 98% of kiwis have at least one banking product; credit card ownership is down 3% while buy-now-pay-later is up 5%; 86% of all kiwis have at least one insurance product; 85% of NZers have at least one investment product. https://www.fma.govt.nz/news/all-releases/media-releases/inaugural-consumer-confidence-survey/
Legal and regulatory update for the life and health insurance sector
ASIC announce they will consult on key regulatory guides next year; FMA held roundtable with NZ’s non-bank deposit taker sector; Privacy Commissioner publishes annual report; APRA & ASIC release observations from the banking industry's implementation of the Financial Accountability Regime.
25 Nov 2024 - In 2025, ASIC will consult with stakeholders to update some key regulatory guides (RGs), taking into account law reform, insights from case law about the provisions and other relevant issues. The RGs that they intend to update next year, include:
Regulatory Guide 53 The use of past performance in promotional material
Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations)
Regulatory Guide 181 Licensing: Managing conflicts of interest
Regulatory Guide 183 Approval of financial services codes of conduct, and
Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance.
26 Nov 2024 - The FMA held a roundtable with New Zealand’s Non-Bank Deposit Taker sector. https://www.fma.govt.nz/library/opinion/non-bank-deposit-taker-sector-roundtable/
26 Nov 2024 - Annual Report of the Privacy Commissioner 2024 published. https://privacy.org.nz/publications/corporate-reports/annual-report-of-the-privacy-commissioner-2024/
27 Nov 2024 - APRA and ASIC have published a letter containing observations on registration and notification lodgements made since the Financial Accountability Regime (FAR) commenced for the banking industry. The letter identifies areas that require further consideration by banking entities and reiterates specific aspects, consistent with previously released FAR guidance, to entities across the banking, insurance and superannuation industries. https://www.apra.gov.au/news-and-publications/apra-and-asic-release-observations-from-banking-industrys-implementation-of