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The regulatory roller coaster ride the financial services sector has been on in recent years has a way to go yet. Market participants will need to keep their seatbelts on if they are to find a safe path through the turbulence as the rate of reform continues at pace.
The changes have three broad themes:
- greater consumer protection - the Customer and Product Data Act 2025, the Conduct of Financial Institutions regime (CoFI), the Credit Contracts and Consumer Finance Act 2003 (CCCFA) and the Contracts of Insurance Act 2024
- reducing compliance costs and red tape - the ‘fit for purpose’ workstream and the proposed reforms to the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) and the Climate-Related Disclosure (CRD) framework), and
- increasing the capital available for economic and infrastructure development - facilitating more KiwiSaver investment in private assets.
Our latest publication, Financial Services Sector: Trends & Insights, aims to help you to plan for the short to medium term and keep you informed about regulatory, legislative and enforcement developments that may affect your organisation. We hope you find it useful.
