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2024 Financial Services Reforms

In January 2024, the Minister of Commerce and Consumer Affairs announced plans to review aspects of New Zealand’s financial services regulation. The reforms include changes to consumer credit laws, including revoking the affordability regulations, reviewing the broader Credit Contracts and Consumer Finance Act, as well as shifting responsibility for consumer credit functions from the Commerce Commission to the Financial Markets Authority. This is proposed to be carried out in two phases and is being reformed in conjunction with reforms to the Financial Markets (Conduct of Institutions) Amendment Act 2022.