New Zealand government plans financial sector reform to reduce barriers.

The New Zealand government has announced plans to reform the financial services sector to reduce barriers for both institutions and citizens. This overhaul will address aspects of financial market conduct regulation, streamline licensing requirements, and reduce overlaps and duplications among key regulators. The Reserve Bank of New Zealand will become the prudential regulator, while the Financial Markets Authority will be appointed as the single conduct regulator, overseeing a conduct license and a prudential license. Twin Peaks regime's effectiveness, an outcomes-focused regulatory approach, and maintaining a close relationship between the FMA and the industry will be crucial to the success of these reforms.

January 30, 2024
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