The Government has announced a two-phased package of reforms to streamline financial services.

MBIE is responsible for administering legislation relating to the regulation of financial advice in New Zealand.

The Financial Markets Conduct Act 2013 (FMC Act) governs how financial products are offered, promoted, issued and sold, and the ongoing responsibilities of those who offer, issue, manage, supervise, deal in, and trade them. The FMC Act also regulates the provision of certain financial services (including financial advice services) and the conduct of financial institutions.

The Ministry of Business, Innovation & Employment consulted on proposed changes to the Responsible Lending Code.

On 31 January 2024, the Government announced plans to reform the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) and the Credit Contracts and Consumer Finance Act (CCCFA).

The Ministry of Business, Innovation and Employment (MBIE) sought feedback on an exposure draft of proposed regulations under the Financial Markets (Conduct of Institutions) Amendment Act 2022 regarding the prohibition on certain sales incentives.

The Retirement Commissioner is required to review the Government’s retirement income policies every 3 years, under the New Zealand Superannuation and Retirement Income Act 2001.

The Government has announced a final set of changes to the Credit Contracts and Consumer Finance Act (CCCFA) and the Responsible Lending Code to improve safe access to credit for Kiwis. The changes will be applied from 4 May 2023.

We are seeking public input into problems and proposed options to address jurisdictional inconsistencies between approved dispute resolution scheme rules.

The New Zealand Government Procurement (NZGP) branch of the Ministry of Business, Innovation and Employment (MBIE) has today announced an updated All-of-Government (AoG) panel providing a range of banking services to government agencies until 30 June 2027.