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
FMA publish speech by CEO Samantha Barrass; RBNZ publish speech by Assistant Governor Karen Silk; Hon Andrew Bayly’s September diary released; RBNZ publish bulletin on banking funding developments; The Budapest Convention and Related Matters Legislation Amendment Bill had its first reading; FMA publishes guidance; APRA publish Annual Report; The committee stage of the Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was completed; new Privacy complaints guide; RBNZ release voluntary Climate-related Disclosure; ASIC announces new appointments; The Contracts of Insurance Bill was read a second time; Commerce Commission Commissioner reappointed; RBNZ delay November FSR.
15 oct 2024 - The FMA has published the speech by FMA Chief Executive Samantha Barrass at the Institute of Financial Professionals New Zealand Conference 2024. https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-samantha-barrass-at-infinz-20242024/
16 Oct 2024 - RBNZ publish Assistant Governor Karen Silk's speech 'Transmission of monetary policy to financial conditions' from the Citi Australia and New Zealand Investment Conference. https://www.rbnz.govt.nz/hub/news/2024/10/transmission-of-monetary-policy-to-financial-conditions
16 Oct 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly August 2024 diary released with the following potential financial services sector related meetings noted:
4 Sep 2024 – ATTEND: Financial Education Roundtable (invitees)
4 Sep 2024 – SPEAK: Financial Services Council Annual Conference Gala Dinner (conference delegates)
11 Sep 2024 – MEET: NZBA (Roger Beaumont)
13 Sep 2024 – MEET: BNZ CEO (Dan Huggins)
16 Sep 2024 – ATTEND: NZ Banking Association Council Meeting (Council Members)
23 Sep 2024 – ATTEND: Westpac Einvoicing customer event (Invited guests)
23 Sep 2024 – CALL: FMA CEO (Samantha Barrass)
23 Sep 2024 – ATTEND: Financial Service Federation Dinner (Invited guests)
24 Sep 2024 – MEET: Privacy Commissioner (Michael Webster)
24 Sep 2024 – ZOOM: XRB (Michelle Embling, and April Mackenzie)
25 Sep 2024 – MEET: Banking Ombudsman (Nicola Sladden)
26 Sep 2024 – MEET: Commerce Commission (Commerce Commission Officials)
26 Sep 2024 – MEET: NZBA (Roger Beaumont and Miles Erwin)
27 Sep 2024 – CALL: Westpac CEO (Catherine McGrath)
30 Sep 2024 – ZOOM: Commerce Commission (Commerce Commission Officials)
16 Oct 2024 - RBNZ publish a Bulletin which provides an overview of bank funding and mortgage rate pricing developments in recent years. https://www.rbnz.govt.nz/hub/news/2024/10/monetary-policy-pass-through-to-bank-funding-costs-and-mortgage-rates
16 Oct 2024 - The Budapest Convention and Related Matters Legislation Amendment Bill had its first reading and was referred to Select Committee. https://bills.parliament.nz/v/6/f2d3b46e-56c2-41cd-0edd-08dcdb5e62cc?Tab=history
16 Oct 2024 - The FMA has published guidance which explains their interpretation of the law, to promote consistent market practices and ensure the requirements of section 212 (Initial steps in winding up of registered scheme) and section 213 (Winding-up report) of the Financial Markets Conduct Act 2013 (FMC Act) are met. https://www.fma.govt.nz/library/guidance-library/winding-up-requirements-for-registered-schemes/
16 Oct 2024 - The Australian Prudential Regulation Authority (APRA) has published its Annual Report for the 2023-24 financial year. https://www.apra.gov.au/news-and-publications/apra-publishes-2023-24-annual-report
16 Oct 2024 - The committee stage of the Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was completed. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-16-october-2024/
16 Oct 2024 - The office of the Privacy Commissioner has published 'Handling privacy complaints: a step-by-step guide'. https://privacy.org.nz/publications/guidance-resources/handling-privacy-complaints-a-step-by-step-guide/
17 Oct 2024 - The RBNZ has released its first voluntary Climate-related Disclosure - Ngā Whakapuaki e Pā ana ki te Āhuarangi for FY2023/24, outlining their progress in understanding, monitoring, and managing climate-related risks. https://www.rbnz.govt.nz/hub/publications/reports/2024/climate-related-disclosure/data/climate-related-disclosure-2023-24
17 Oct 2024 - ASIC announce appointments to the ASIC Executive Leadership team: Peter Soros as Executive Director Regulation and Supervision; Chris Savundra to the role of Executive Director Enforcement and Compliance. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-226mr-appointments-to-the-asic-executive-leadership-team/?altTemplate=betanewsroom
17 Oct 2024 - The Contracts of Insurance Bill was read a second time. https://bills.parliament.nz/v/6/019dad64-3f9e-46b8-5cd9-08dc67f794e8?Tab=history
18 Oct 2024 - The Ministry of Business, Innovation and Employment (MBIE) has confirmed that Dr Derek Johnston has been reappointed for a second term as a Commissioner at the Commerce Commission. https://www.mbie.govt.nz/about/news/dr-derek-johnston-reappointed-to-the-commerce-commission
18 Oct 2024 - The Reserve Bank of New Zealand’s November Financial Stability Report (FSR) for 2024 has been moved to 5 November. https://www.rbnz.govt.nz/hub/news/2024/10/financial-stability-report-moved-to-5-november
Legal and regulatory update for the life and health insurance sector
ASIC issue update on licensing; AML/CFT reforms to come; FMA research on KiwiSaver providers; RBNZ publish Governor's speech on improving Māori access to capital; APRA release June 2024 quarter insurance statistical publications; Updated AML/CFT Programme Guideline released.
11 Oct 2024 - ASIC issues 2023-24 update on licensing and professional registration activities. https://asic.gov.au/about-asic/news-centre/news-items/asic-issues-2023-24-update-on-licensing-and-professional-registration-activities/?altTemplate=betanewsroom
13 Oct 2024 - The Government will reform New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. https://www.beehive.govt.nz/release/government-provide-significant-regulatory-relief-business
14 Oct 2024 - Research from the FMA has found most KiwiSaver providers are well placed to manage their exposure to the commercial real estate market but more work can be done to mitigate and communicate the risks. https://www.fma.govt.nz/news/all-releases/media-releases/research-on-cre-and-the-kiwisaver-industry/
14 Oct 2024 - RBNZ publish Governor Adrian Orr's keynote speech: Improving Māori Access to Capital. https://www.rbnz.govt.nz/hub/news/2024/10/improving-maori-access-to-capital
14 Oct 2024 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the June 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-june-2024
14 Oct 204 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have released the updated Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Programme Guideline. https://www.dia.govt.nz/Updated-AML-CFT-programme-guideline---October-2024
Legal and regulatory update for the life and health insurance sector
ASIC announce extension of Consultation Agreement; ASIC Annual Forum speakers and sessions announced; FMA publish submission on banking competition inquiry; COFR release updated Regulatory Initiatives Calendar.
26 Sep 2024 - ASIC announced the two-year extension of its Consultation Agreement (Agreement) with the Financial Markets Standards Board (FMSB) to 25 September 2026. https://asic.gov.au/about-asic/news-centre/news-items/asic-extends-consultation-agreement-with-financial-markets-standards-board/?altTemplate=betanewsroom
26 Sep 2024 - Speakers and sessions have been announced for the ASIC Annual Forum, 14–15 November 2024. https://asic.gov.au/about-asic/news-centre/news-items/asic-annual-forum-2024-speakers-and-sessions-announced/?altTemplate=betanewsroom
27 Sep 2024 - The FMA publish their submission on the Finance and Expenditure Committee’s inquiry into banking competition. https://www.fma.govt.nz/assets/Consultations/FMA-submission-on-the-Finance-and-Expenditure-Committees-inquiry-into-banking-competition.pdf
30 Sep 2024 - The Council of Financial Regulators released an updated Regulatory Initiatives Calendar for the financial sector for Q3 2024. https://www.cofr.govt.nz/key-documents/regulatory-initiatives-calendar.html
Legal and regulatory update for the life and health insurance sector
RBNZ refresh financial stability indicators; RBNZ give development update on the Tara-ā-Umanga Business Expectations Survey; FDRS members' forum and AGM date released; new law strengthens ASIC's ability to respond to risks around financial market infrastructure; APRA release response to consultation.
18 Sep 2024 - The Reserve Bank of New Zealand has refreshed its chart pack of Financial Stability Indicators that help to inform its assessment of financial stability risks. The updated indicators feature data on:
• Households;
• The housing market;
• Businesses and agriculture;
• The resilience of Banks and Non-Bank Deposit Takers; and
• Liquidity, funding and financial markets.
https://www.rbnz.govt.nz/hub/news/2024/09/rbnz-releases-updated-financial-stability-indicators
19 Sep 2024 - The Reserve Bank of New Zealand have given a development update on the Tara-ā-Umanga Business Expectations Survey. They plan to run two more pilots (in October 2024 and January 2025) before expecting to commence regular publication of the April 2025 survey in May 2025.
19 Sep 2024 - The Financial Dispute Resolution Service's Members' Forum and Annual General Meeting is on 22 October 2024, 3.30 pm. https://fdrs.org.nz/resources/news/fdrs-members-forum-and-annual-general-meeting-2024/
19 Sep 2024 - ASIC welcomes the new Australian financial market infrastructure (FMI) laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system. The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 strengthens the existing regulatory regime, ensuring ASIC and the Reserve Bank of Australia (RBA) (together, the Regulators) have strong and dependable powers to monitor, manage and respond to risks related to FMIs. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-208mr-asic-receives-new-powers-under-financial-market-infrastructure-reforms/?altTemplate=betanewsroom
23 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has released its response to its July 2024 consultation on the remaking of Prudential Standard APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book (Advanced ADIs), which is due to sunset on 1 April 2025. https://www.apra.gov.au/news-and-publications/apra-remakes-prudential-standard-aps-117-capital-adequacy-interest-rate-risk
Legal and regulatory update for the life and health insurance sector
The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a second time; FMA join Global Financial Innovation Network; RBNZ publish analytical note around monetary policy decisions; FMA consult on regulatory returns for financial institution licensees; ASIC outline technological and operational resilience guidance; privacy concerns raised about IRD's use of taxpayers personal information.
11 Sep 2024 - The Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was read a second time. https://bills.parliament.nz/v/6/955109f7-830e-4b94-2089-08dba9b9dfac?Tab=history
13 Sep 2024 - The Financial Markets Authority has officially joined the Global Financial Innovation Network (GFIN). GFIN is designed to facilitate cooperation between financial regulators worldwide, providing a platform to exchange experiences and strategies related to financial innovation. https://www.mpamag.com/nz/news/general/fma-joins-global-innovation-network/505407
16 Sep 2024 - The Reserve Bank of New Zealand has published an Analytical Note which shows monetary policy decisions that are not fully anticipated by financial markets lead to changes in interest rates and the New Zealand dollar exchange rate. https://www.rbnz.govt.nz/hub/news/2024/09/financial-market-reaction-to-monetary-policy-surprises
16 Sep 2024 - The Financial Markets Authority is consulting on regulatory returns for financial institution licensees. https://www.fma.govt.nz/business/focus-areas/consultation/consultation-regulatory-returns-for-financial-institution-licensees/
17 Sep 2024 - ASIC has released a letter to market participants outlining technological and operational resilience guidance, clarifying how to identify critical business services and notification of a major event. The guidance relates to the technological and operational resilience requirements detailed in Chapters 8A and 8B of the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017. https://asic.gov.au/about-asic/news-centre/news-items/asic-expands-operational-resilience-guidance-for-market-participants/?altTemplate=betanewsroom
17 Sep 2024 - The Office of the Privacy Commissioner has had privacy concerns raised from members of the public about IRD’s use of taxpayers’ personal information and hashing. OPC has contacted IRD for information so they can assess if this practice raises issues under the Privacy Act. https://privacy.org.nz/publications/statements-media-releases/care-is-needed-with-data-anonymisation/
Legal and regulatory update for the life and health insurance sector
The Minister for Commerce and Consumer Affairs announces policy decisions on Financial Services Reforms; FMA publish Jane Brown's speech; APRA consultation on minor updates; new appointees to FMA board; ASIC release enforcement and regulatory update; Cabinet exempt buy now, pay later providers from CCCFA provisions; FMA publish research on the use of AI in financial services sector; Finance and Expenditure Committee recommends the Contracts of Insurance Bill move forward; Hon Andrew Bayly's August 2024 diary released; APRA propose changes to the capital framework for banks in relation to hybrid instruments; FMA publish insights from funds that claim to have ethical features.
5 Sep 2024 - The Minister for Commerce and Consumer Affairs has announced policy decisions on Financial Services Reforms and indicated the Government intends to introduce a bill in December 2024 addressing the proposed reforms.
For consumer credit legislation the decisions are to:
Regulate consumer creditors via a market services licence, to simplify and streamline current regulatory arrangements.
Remove the due diligence duty and attendant personal liability for senior managers and directors.
Retain the consequences for failure to make initial disclosure or disclosure of agreed changes, but only where the borrower or the FMA can show the failure caused harm.
Retain the high-cost credit provisions as they are currently (no changes)
Exempting Buy Now Pay Later providers from the fee requirements in ss 41 and 44A of the CCCFA
For financial services conduct legislation, the decisions are to:
Simplify and clarify minimum requirements for fair conduct programmes.
Retain the current open-ended definition of the fair conduct principle (no changes)
Require the FMA to issue a single licence covering different classes of market services, including for consumer credit where applicable.
Allow the FMA to rely on an assessment made by the Reserve Bank of New Zealand (RBNZ) in some circumstances.
Introduce change in control approval requirements.
Introduce on-site inspection powers for the FMA.
For effective dispute resolution, the decisions are to:
Enhance the process for reviewing the schemes (noting further work is underway in relation to key performance indicators, scheme governance arrangements and a single front door web portal). "
https://www.beehive.govt.nz/release/improving-access-finance-kiwis
5 Sep 2024 - The FMA publish Jane Brown's speech to the New Zealand Insurance Law Association 2024 Conference. https://www.fma.govt.nz/library/speeches-and-presentations/speech-to-new-zealand-insurance-law-association-2024/
6 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has released for consultation a number of minor updates to the prudential framework for authorised deposit-taking institutions (ADIs), general, life and private health insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-consults-on-minor-updates-to-prudential-framework-for-adis-insurers-and
7 Sep 2024 - Tracey Berry, Nicholas Hegan and Mariette van Ryn have been appointed to the Financial Markets Authority Board for a five-year term ending in August 2029, while Chris Swasbrook, who has served as a board member since April 2019, has been reappointed. https://www.goodreturns.co.nz/article/976523586/3-new-fma-board-members.html
9 Sep 2024 - ASIC released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-199mr-asic-to-target-misconduct-in-banking-and-superannuation-sectors/?altTemplate=betanewsroom
9 Sep 2024 - Cabinet has decided to exempt New Zealand's three surviving fintech buy now, pay later service providers from default fee provisions in the Credit Contracts and Consumer Finance Act (CCCFA). https://www.interest.co.nz/personal-finance/129607/gareth-vaughan-questions-whether-fintech-buy-now-pay-later-sector-deserves
10 Sep 2024 - The Financial Markets Authority has published research on the use of Artificial Intelligence (AI) in New Zealand’s financial services sector. The FMA will host a roundtable on 1 October 2024 with the study participants to further explore how AI and GenAI is being used in New Zealand’s financial services and how firms are managing risks. https://www.fma.govt.nz/news/all-releases/media-releases/understanding-artificial-intelligence-in-financial-services/
10 Sep 2024 - New Zealand’s Finance and Expenditure Committee has recommended that the Contracts of Insurance Bill move forward and proposed several key amendments aimed at reshaping the insurance landscape. https://www.insurancebusinessmag.com/nz/news/breaking-news/committee-backs-major-shakeup-of-nz-insurance-laws-504842.aspx
10 Sep 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly August 2024 diary released with the following potential financial services sector related meetings noted:
2 Aug 2024 – FIntech Industry Roundtable (Jason Roberts and Guests)
8 Aug 2024 – MEET: Commerce Commission and Commerce and Consumer Affairs Officials (MBIE and Comm Comm Officials)
9 Aug 2024 – VISIT: TSB Bank (Kerry Boielle and Larissa Vaughan)
15 Aug 2024 – MEET: Payments NZ (Members of the API Centre)
19 Aug 2024 – MEET: Commerce Commission Officials (John Small and Brian)
20 Aug 2024 – CALL : Chair of Commerce Commission (Dr John Small)
21 Aug 2024 – MEET: Retirement Commissioner (Jane Wrightson)
28 Aug 2024 – MEET: Commerce Commission - Monthly Meeting (Commerce Commission Officials)
29 Aug 2024 – MEET: FMA Board Chair and CE (Craig Stobo, Samantha Barrass and Edwin Metson)
10 Sep 2024 - The Australian Prudential Regulation Authority (APRA) has proposed changes to the capital framework for banks in relation to hybrid instruments to simplify and improve the effectiveness of bank capital in a crisis.
APRA is proposing that banks phase out the use of AT1 capital instruments (often called hybrid bonds) and replace them with cheaper and more reliable forms of capital that would absorb losses more effectively in times of stress. The total amount of regulatory capital that APRA requires banks to hold would remain unchanged and banks would remain ‘unquestionably strong’. https://www.apra.gov.au/news-and-publications/apra-proposes-update-to-bank-capital-framework-to-strengthen-crisis
11 Sep 2024 - The Financial Markets Authority has published insights from its supervision of funds that claim to have ethical features. The insights are based off findings from reviewing disclosure documents, advertising, reporting on sustainability progress, and whether investments held by funds align with their sector exclusion policies. https://www.fma.govt.nz/news/all-releases/media-releases/ethical-investing-disclosure-insights-update/
Legal and regulatory update for the life and health insurance sector
ASIC expands strategic priorities; IRD seek feedback on long-term insights briefing; APRA release enhanced quarterly insurance statistics; the FSC publish the Aug 2024 Regulatory Forecast; Privacy Commissioner releases privacy week webinar recordings.
22 Aug 2024 - Australia’s public and private markets and emerging financial products will form a new pillar of ASIC’s expanded strategic priorities. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-184mr-asic-expands-strategic-priorities-for-coming-12-months/?altTemplate=betanewsroom
22 Aug 2024 - Inland Revenue is seeking feedback on the scope of its next long-term insights briefing.
Inland Revenue is proposing that its next long-term insights briefing explores what broad structure of the tax system would be suitable for the future, given long-term fiscal pressures and current tensions in our system. The briefing would approach this topic by focusing on two elements of the tax system: the regimes through which we tax income and consumption, and our mix of tax bases. The closing date for feedback is 4 October 2024. https://www.taxpolicy.ird.govt.nz/consultation/2024/2024-long-term-insights-briefing
22 Aug 2024 - The Australian Prudential Regulation Authority (APRA) has released its suite of quarterly industry aggregate insurance statistical publications with enhanced content and presentation. The first edition of the enhanced quarterly publications includes data for the September 2023, December 2023 and March 2024 reporting periods. https://www.apra.gov.au/news-and-publications/apra-releases-enhanced-quarterly-insurance-statistics
23 Aug 2024 - The Financial Services Council NZ publish the August 2024 edition of Regulatory Forecast, a member-only document https://members.fsc.org.nz/fsc-corporate-members/regulatory-forecast-august-2024
26 Aug 2024 - The Office of the Privacy Commissioner has released recordings of presentations shown during Privacy Week 2024. https://privacy.org.nz/news/forums-and-seminars/privacy-week/privacy-week-2024/
Legal and regulatory update for the life and health insurance sector
The FIU release the CASH report for July; RBNZ publish two analytical notes around monitoring financial stability; FMA warn the public of new scams; ASIC proposes to extend three legislative instruments; COFR sets a vision for the NZ insurance sector.
30 Jul 2024 - NZ Police Financial Intelligence Unit release “The CASH Report” for July 2024, which replaces "The Suspicious Activity Report”. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-jul2024.pdf
31 Jul 2024 - The Reserve Bank of New Zealand has published two new Analytical Notes that investigate utilising new models and data sources to complement existing approaches to monitoring financial stability.
The first Analytical Note - Getting sentimental: Using news sentiment to measure financial stress in New Zealand, investigates using measures of news sentiment as early-warning indicators of financial stress in New Zealand. This Note introduces new indicators which measure economic news sentiment in New Zealand.
The second Analytical Note -Beyond the crystal ball: forecasting non-performing loans authored, investigates the relationship between non-performing loans and economic conditions to provide insights into the future health of New Zealand’s financial system. https://www.rbnz.govt.nz/hub/news/2024/07/reserve-bank-of-new-zealand-explores-new-techniques-to-enhance-financial-stability-monitoring
7 Aug 2024 - The FMA have released a public scam warning alerting New Zealanders to an increase in fake advertisements using images and deepfake videos of political figures. https://www.fma.govt.nz/library/articles/deepfake-video-scam-warning-fake-news-stories-political-endorsements/
7 Aug 2024 - ASIC proposes to extend the operation of three legislative instruments for a further five years:
Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice,
ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716, and
ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801.
ASIC has assessed that these instruments, which are due to expire in October 2024, are operating efficiently and effectively, and continue to form a necessary and useful part of the legislative framework.
7 Aug 2024 - The Council of Financial Regulators (CoFR) Insurance Forum has set a vision for New Zealand’s insurance sector. The vision is for an insurance sector that is forward-looking, fair, stable, competitive and efficient, promoting informed and confident participation by consumers and business. https://www.cofr.govt.nz/news-and-publications/financial-regulators-set-vision-for-new-zealand-insurance-sector.html
Legal and regulatory update for the life and health insurance sector
Commerce Commission’s preliminary view on Payments NZ developing framework relating to provision of API; ASIC issue Cost recovery Implementation Statement; XRB publish interim report on Climate-Related Disclosure Framework evaluation; maximum compensation for complaints to rise; APA & ASIC publish info to help insurers prepare for the start of the Financial Accountability Regime; Privacy Commissioner publishes Statement of Performance Expectations and launches free online toolkit.
1 Jul 2024 - The Commerce Commission has reached a preliminary view that it should grant conditional authorisation to Payments NZ Limited to work with current and future API providers (i.e., banks) and third parties (e.g., fintechs) to develop and apply a partnering framework relating to the provision of API services by API providers to third parties. https://comcom.govt.nz/news-and-media/media-releases/2024/commerce-commission-issues-draft-determination-on-payments-new-zealands-application-to-further-develop-its-open-banking-framework
8 Jul 2024 - ASIC issued its 2023-24 Cost Recovery Implementation Statement (CRIS). The CRIS outlines estimated regulatory costs and levies for each industry subsector to help entities plan and budget for levies and fees to be charged. https://asic.gov.au/about-asic/news-centre/news-items/asic-releases-estimated-industry-funding-levies-for-2023-24/
11 Jul 2024 - The External Reporting Board publish an interim report on New Zealand Climate-Related Disclosure Framework evaluation. https://www.xrb.govt.nz/news/insights/aotearoa-new-zealand-climate-related-disclosure-framework-evaluation-interim-report-published/
11 Jul 2024 - Financial limits for complaints are being raised across the four approved financial dispute resolution schemes from 18 July 2024. The Banking Ombudsman Scheme, the Insurance & Financial Services Ombudsman Scheme, Financial Services Complaints – a Financial Ombudsman Service, and the Financial Dispute Resolution Service will have the same thresholds for complaint values and compensation, providing consistency for consumers across the sector. The key change is raising the maximum compensation to $500,000 +GST. https://fdrs.org.nz/resources/news/increased-compensation-limits-for-financial-disputes/
11 Jul 2024 - The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR already applies to the banking industry and takes effect for the insurance and superannuation industries from 15 March 2025.
New information includes:
an amendment to the Regulator rules, which prescribes key functions information for inclusion in the FAR register of accountable persons for insurance and superannuation industries; see Financial Accountability Regime Regulator Rules Amendment Instrument No. 1 of 2024 and Financial Accountability Regime Act (Information for register) Regulator Rules 2024; and
a joint ASIC and APRA letter summarising key issues raised during consultation and their response, including the concept and application of key functions.
12 Jul 2024 - The office of the Privacy Commissioner has published their Statement of Performance Expectations 2024-2025. https://privacy.org.nz/publications/corporate-reports/statement-of-performance-expectations-2024-2025/
15 Jul 2024 - The Office of the Privacy Commissioner has launched a free online toolkit today to help businesses and organisations do privacy well. https://privacy.org.nz/publications/statements-media-releases/new-privacy-toolkit-set-to-support-business-and-organisations/
Legal and regulatory update for the life and health insurance sector
ASIC approves new banking code of practice; COFR release updated regulatory initiatives calendar; RBNZ release Statement of Intent and Statement of Performance Expectations; ASIC requests advisers check details on the Financial Advisers Register.
27 Jun 2024 - ASIC has approved a new version of the Australian Banking Association’s (ABA) Banking Code of Practice, which includes enhancements to key protections. The new Code will commence on 28 February 2025. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-136mr-asic-approves-enhanced-banking-code-of-practice/
27 Jun 2024 - The Council of Financial Regulators released an updated Regulatory Initiatives Calendar for the financial sector for Q1 2024. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q1-2024-updated.pdf
27 Jun 2024 - The Reserve Bank of New Zealand has released its Statement of Intent and Statement of Performance Expectations outlining what it intends to do to enable economic wellbeing and prosperity for all New Zealanders and how it will measure its performance. https://www.rbnz.govt.nz/hub/news/2024/06/soi-and-spe-2024
1 Jul 2024 - ASIC is calling on AFS licensees to assess the accuracy of records about their financial advisers on the Financial Advisers Register after a spot check identified errors and inconsistencies in some of the information provided. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-142mr-asic-urges-afs-licensees-to-correct-records-on-the-financial-advisers-register/