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Consultation: New financial advice regime exemptions

Council of Financial Regulators

I'm going to use this one in a 'know your regulatory landscape' question at a workshop sometime. Name the members of the Council of Financial Regulators...

In summary, as follows:

The Council of Financial Regulators (CoFR) announced a new vision for New Zealand’s economic wellbeing and welcomed the addition of the Commerce Commission to the forum. The new vision aims to contribute to maximising New Zealand’s sustainable economic wellbeing through responsive and coordinated financial system regulation, and allows for a longer-term view that more effectively recognises the specific responsibilities of each agency. The members of CoFR are:

  • Reserve Bank of New Zealand (RBNZ);
  • Financial Markets Authority (FMA);
  • Commerce Commission;
  • Ministry of Business, Innovation and Employment (MBIE); and
  • The Treasury.

 

So now you know. This is important. My compliance guru and I have often wondered why the Commerce Commission played no part in the FMA/RB review of banks, being the regulator for lending, for example, and also being responsible for actions under the Fair Trading Act. 

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