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
RBNZ’s Assistant Governor/General Manager Strategy, Engagement and Sustainability is leaving; CoFR releases a joint Issues Paper on Access to Basic Transaction Accounts; FIU release The CASH Report for March; Banks update code of practice to better protect consumers from scams; FMA release latest podcast.
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/
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
XRB publish targeted guidance documents on transition planning and seek insput on submission around global public sector climate-related disclosure standard; CoFR Dec quarterly statement released; CASH report for November 2024 released.
16 Dec 2024 - In partnership with the Sustainable Business Council, the XRB has published a targeted guidance document on transition planning: a short overview about the why and what of transition plans. https://www.xrb.govt.nz/dmsdocument/5340/
16 Dec 2024 - In partnership with the Sustainable Business Council, the XRB has published a targeted guidance document on transition planning: a guide for executives. https://www.xrb.govt.nz/dmsdocument/5341/
16 Dec 2024 - The XRB is seeking input to a submission to the International Public Sector Accounting Standards Board in response to its exposure draft of a global public sector climate-related disclosure standard. https://www.xrb.govt.nz/consultations/climate/
16 Dec 2024 - Quarterly Statement by the Council of Financial Regulators for December 2024 released. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-december-2024.html
16 Dec 2024 - NZ Police Financial Intelligence Unit release “The CASH Report” for September 2024. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-nov2024.pdf
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
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
MBIE seek feedback on Customer and Product Data Bill; COFR release August 2024 quarterly statement; FMA file charges against a former financial adviser; Samantha Barrass' speech from the FSC conference; FMA cancel Integrity Advisers Insurance Limited’s FAP licence for engaging in serious misconduct; XRB publishes exposure draft; RBNZ publish Christian Hawkesby's speech from the FSC Conference.
29 Aug 2024 - MBIE are seeking feedback on how the Customer and Product Data Bill will apply to the banking and electricity sectors. Consultation on their discussion paper 'open banking regulations and standards under the customer and product data bill' is due by 10 October 2024. https://www.mbie.govt.nz/have-your-say/exploring-a-consumer-data-right-for-the-banking-sector
30 Aug 2024 - The Council of Financial Regulators (CoFR) release their Quarterly Statement for August 2024. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-august-2024.html
3 Sep 2024 - The Financial Markets Authority has filed criminal charges against a former financial adviser. The defendant, who has interim name suppression, has pleaded not guilty to two representative charges of theft by a person in a special relationship. The FMA alleges that the defendant procured approximately $1.7 million from two sets of clients on the basis that he would invest the funds procured on their behalf. It is alleged the defendant instead used the funds obtained for personal purposes. The alleged offending occurred between 2016 and 2022. https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-criminal-charges-against-former-financial-adviser/
4 Sep 2024 - The FMA publish Samantha Barrass' speech from the Financial Services Council 2024 Conference. https://www.fma.govt.nz/library/speeches-and-presentations/financial-services-council-conference-2024/
4 Sep 2024 - The Financial Markets Authority has cancelled Integrity Advisers Insurance Limited’s (Integrity) Financial Advice Provider (FAP) licence for engaging in serious misconduct.
Integrity is a Christchurch-based financial service provider that held a full FAP licence, providing financial advice to approximately 500 retail customer.
Following an investigation, the FMA found that Integrity breached its market services licensee obligations by failing to:
• give priority to client’s interests
• comply with the Code of Professional Conduct for Financial Advice Services
• treat customers fairly
• act with integrity.
The breaches relate to Integrity’s treatment of clients who wanted to cancel their respective insurance policy between September 2022 and June 2023 (affected clients).
https://www.fma.govt.nz/news/all-releases/media-releases/fma-cancels-integrity-licence/
5 Sep 2024 - Concerns about inconsistent application and insufficient disclosures of climate-related matters in financial statements has led the International Accounting Standards Board (IASB), in collaboration with the International Sustainability Standards Board (ISSB), to develop an Exposure Draft outlining eight illustrative examples. https://www.xrb.govt.nz/consultations/accounting-standards-open-for-consultation/reporting-climate-related-and-other-uncertainties-in-financial-statements/
5 Sep 2024 - The Reserve Bank of New Zealand publish Christian Hawkesby's speech at the FSC24 Conference. https://www.rbnz.govt.nz/hub/publications/speech/2024/resilience-as-a-pathway-to-prosperity
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
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/
Legal and regulatory update for the life and health insurance sector
Office of the Privacy Commissioner asks for submissions on guidance; RBNZ activates DTI restrictions; FMA holds webinars on how to apply for a COFI licence and how to submit FAP regulatory returns; FMA publish findings from monitoring FAPs; The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament; APRA emphasise importance of data backups; CEO of the External Reporting Board resigns; COFR release latest Quarterly Statement; RBNZ releases dates for Monetary Policy Statement publication; Commerce Commission files criminal charges against Kiwibank
22 May 2024 - The Office of the Privacy Commissioner asks for submissions on new guidance, Poupou Matatapu – doing privacy well. https://privacy.org.nz/news/consultations/poupou-matatapu/
28 May 2024 - The Reserve Bank of New Zealand - has confirmed the activation of Debt-to-Income (DTI) restrictions and loosening of Loan-to-Value Ratio (LVR) restrictions. https://www.rbnz.govt.nz/hub/news/2024/05/reserve-bank-activates-debt-to-income-restrictions
30 May 2024 - The Financial Markets Authority is holding a webinar on how to apply for a CoFI licence at 11am on 5 June. To attend, email cofi@fma.govt.nz
30 May 2024 - The Financial Markets Authority publish findings from the FMA’s supervision activities and monitoring of Class 1 and 2 licensed financial advice providers. https://www.fma.govt.nz/news/all-releases/media-releases/fap-monitoring-insights-report/
30 May 2024 - The Financial Markets Authority is holding a series of online sessions to help Financial Advice Providers submit their FAP regulatory returns.
Session 1 - Friday 14 June 2024 at 9am
Session 2 - Monday 24 June at 2pm
Session 3 - Monday 08 July at 10am
Session 4 - Tuesday 16 July at 10am
30 May 2024 - The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament https://bills.parliament.nz/v/6/00103c69-0b28-4ad1-a702-08dc80370942?Tab=history
3 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has written to all APRA-regulated entities emphasising the critical role of data backups in cyber resilience. The letter details the common issues observed in backup practices that could hinder system restoration during an incident. APRA expects regulated entities to review their backup arrangements and address any identified gaps promptly. https://www.apra.gov.au/news-and-publications/apra-clarifies-expectations-on-cyber-security-and-adequacy-of-backups
4 Jun 2024 - The Chief Executive of the External Reporting Board (XRB), April Mackenzie, has resigned. https://www.xrb.govt.nz/news/latest-news/
7 Jun 2024 - The Council of Financial Regulators release their Quarterly Statement for June 2024. Kris Faafoi joined the meeting to discuss the insurance sector’s priorities, risks, and challenges. The conversation covered three priority areas: 1) insurance affordability; 2) resilience; and 3) the regulatory environment. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-june-2024.html
11 Jun 2024 - The Reserve Bank of New Zealand has released the dates for publication of its quarterly Monetary Policy Statement, Monetary Policy Review decisions and the 6-monthly Financial Stability Report. The new dates cover the period from August 2025 to July 2026. https://www.rbnz.govt.nz/hub/news/2024/06/monetary-policy-announcement-and-financial-stability-report-dates-for-late-2025-and-2026
11 Jun 2024 - The Commerce Commission has filed criminal charges against Kiwibank Limited (Kiwibank), alleging systemic breaches of the Fair Trading Act. The breaches relate to issues that resulted in more than $7 million being incorrectly charged to over 36,000 customers for fees and interest rates in relation to home loans, credit cards and overdrafts, over a period of several years. https://comcom.govt.nz/news-and-media/media-releases/2024/kiwibank-faces-criminal-charges-following-issues-that-caused-over-$7m-in-overcharges