Today the Government has announced that it will ask the Commerce Commission (the Commission) to undertake a market study into competition in New Zealand’s personal banking sector.

The Ministry of Business, Innovation and Employment (MBIE) has today opened consultation on regulations relating to sales incentives and proposed licensing fees to support a new regulatory regime to govern conduct in the financial sector.

The Government has agreed through Budget 2022 to increase the Financial Market Authority - Te Mana Tātai Hokohoko’s (FMA) annual operating funding from $60.805 million to $76.401 million in 2025/26.

Consultation is now closed on the Insurance Contract Law Options Paper.

MBIE and the Financial Markets Authority (FMA) are consulting on proposed changes to the FMA’s funding and the FMA levy.

The Ministry of Business, Innovation and Employment is seeking submissions on possible regulations to support the operation of the Financial Markets (Conduct of Institutions) Amendment Bill. The feedback from this consultation will be used to advise the Government on options for regulations.

MBIE is seeking submissions on possible amendments to the Financial Markets (Conduct of Institutions) Amendment Bill regarding the treatment of intermediaries of financial institutions.

We are reviewing the arrangements for providers of default KiwiSaver schemes to ensure they are delivering the best outcomes for default members.

Initial proposed changes to lending requirements announced by the Government today will help New Zealanders acquire credit safely and responsibly.

In 2015 we consulted on increasing the maximum amount of compensation that dispute resolution schemes could award for disputes real property insurance claims from $200,000 to $350,000.