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Release of Cabinet Papers on the CoFI Bill and update on progress

Legal and regulatory update for the life and health insurance sector

16 March 2022 – The Commission for Financial Capability released commentary titled, “A deep dive into Pacific People’s financial capability.” https://retirement.govt.nz/news/latest-news/better-understanding-how-to-build-pacific-peoples-financial-capability/

17 March 2022 – FMA update released, including the following:

  • Speech by Samantha Barrass, FMA Chief Executive, to Financial Services Council Connect

https://www.fma.govt.nz/news-and-resources/speeches-and-presentations/speech-by-samantha-barrass-fsc-connect

  • ‘No action’ relief as a result of COVID-19

https://www.fma.govt.nz/news-and-resources/covid-19/no-action-relief-as-a-result-of-covid-19

  • a project to review five existing class exemptions due to expire this year, with consultations on the last two also released today, with submissions closing on 11 April 2022:
    • Multiple-participant Schemes - Participation Agreements exemption notice 2017, expires 22.10.22
    • Disclosure Using Overseas GAAP exemption notice 2021, expires 3.11.22
    • Financial Statements for Schemes Consisting Only of Separate Funds exemption notice 2017, expires 17.12.22
    • Irrigation Companies exemption notice 2018, expires 31.12.22
    • Small Co-operatives exemption notice 2021, expires 31.12.22

https://www.fma.govt.nz/compliance/consultation/consultation-small-co-operatives-and-irrigation-companies-class-exemptions

17 March 2022 – MBIE advised of the release of a range of documents relevant to the legislative proposals relating to the Conduct of Financial institutions (CoFI). The documents are available on the MBIE dedicated CoFI webpage. https://www.mbie.govt.nz/business-and-employment/business/financial-markets-regulation/conduct-of-financial-institutions-review/

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