Legal and regulatory update for the life and health insurance sector
17 Apr 2025 - RBNZ’s Assistant Governor/General Manager Strategy, Engagement and Sustainability Simone Robbers will be leaving at the end of May 2025 after six years in the role. https://www.rbnz.govt.nz/hub/news/2025/04/ag-gm-strategy-engagement-and-sustainability-leaving-rbnz
23 Apr 2025 - CoFR has released a joint Issues Paper on Access to Basic Transaction Accounts. CoFR is seeking feedback on the proposed introduction of basic transaction accounts to better support customer groups that are currently excluded. The consultation will remain open for eight weeks and will close on 18 June 2025. https://www.cofr.govt.nz/news-and-publications/cofr-seeking-feedback-on-access-to-basic-transaction-accounts.html
23 Apr 2025 - NZ Police Financial Intelligence Unit release “The CASH Report” for March 2025. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-mar2025.pdf
23 Apr 2025 - Banks are updating their Code of Banking Practice with five new commitments to better protect customers from scams. The five commitments introduced to the New Zealand Banking Associate Code of Banking Practice include:
a Confirmation of Payee service for customers to check that the name of the person they are paying matches the account number, which has already commenced roll-out
pre-transaction warnings to consumers based on the payment purpose
identification of and response to high-risk transactions or unusual account transaction activity, and the ability to block or delay transactions in some cases
providing a 24/7 reporting channel for customers who think they’ve been scammed, and responding to protect accounts
sharing scammer account information with other banks to help prevent criminal activity, and freezing funds where appropriate
The updated Code comes into force on 30 November 2025.
https://www.beehive.govt.nz/release/better-compensation-scam-victims
23 Apr 2025 - The FMA release ‘5 mins with the FMA’ podcast #12: Access to Financial Advice Review. https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-12-access-to-financial-advice-review/