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FSC Regenerations Programme Released

Legal and regulatory update for the life and health insurance sector

10 Aug 2021 – Fair Trading Amendment Bill completed its third reading in Parliament. Relevant web links include https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_93552/fair-trading-amendment-bill and https://www.beehive.govt.nz/release/bill-cracking-down-unfair-commercial-practices-passes-third-reading

10 Aug 2021 – The Reserve Bank of NZ Bill completed its third reading in Parliament. Relevant web links include https://www.parliament.nz/en/pb/bills-and-laws/bills-proposed-laws/document/BILL_99656/reserve-bank-of-new-zealand-bill and https://www.beehive.govt.nz/release/reserve-bank-bill-passes-third-reading and https://www.rbnz.govt.nz/news/2021/08/new-foundations-to-strengthen-and-modernise-the-reserve-bank

11 Aug 2021 – As the RBNZ issued a warning to Westpac in relation to AML/CFT prescribed transaction reporting failures, the RBNZ also issued the results of the Correspondent Banking, Prescribed Transaction Reporting and Transaction Monitoring Survey. https://www.rbnz.govt.nz/news/2021/08/formal-amlcft-warning-issued-to-westpac-banking-corporation

11 Aug 2021 – Council of Financial Regulators released a forward work plan providing a timetable of the planned regulatory initiatives from the CoFR agencies covering the rest of 2021 and throughout 2022. https://www.cofr.govt.nz/files/regulatory-initiatives.pdf CoFR also advised that it will receive statutory recognition under the just completed Reserve Bank of NZ Bill.

11 Aug 2021 – FMA latest monthly update included the following:

  • The FMA advised that it has joined the International Financial Consumer Protection Organisation (FinCoNet) - the organisation of supervisory authorities which have responsibility for financial consumer protection.

http://www.finconet.org/

  • World Investor Week this year is to be held 5-11 October 2021.

https://www.worldinvestorweek.org/

  • FMA Stories included a piece from Derek Grantham making an argument for the benefits of getting your full Financial Advice Provider licence in 2021.

https://www.fma.govt.nz/news-and-resources/fma-stories/get-your-full-licence-in-2021/

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