CoFR meets quarterly to discuss financial markets regulatory issues, risks and priorities.
The RBNZ Governor and the FMA Chief Executive alternate chairing meetings.
Attendance is normally at CEO level, accompanied by one or two senior colleagues, with the emphasis being on continuity of attendance. Further attendance depends on the particular topics on the agenda for the meeting.
CoFR may invite other regulatory agencies or any other relevant organisations to attend meetings, as required.
CoFR may establish sub-committees and working groups as required to address particular issues, with membership drawn from CoFR agencies and others.
Responsibilities and relationships
CoFR’s vision and activities operate within the framework of the statutory responsibilities set for each agency and the preferences and priorities set by the Government.
CoFR’s Relationship Charter sets out how CoFR members work together to deliver the CoFR vision. You can see this below.
CoFR members may formalise their bilateral working relationships through appropriate mechanisms such as a Memorandum of Understanding.
CoFR has signed a regulatory charter that promotes good regulatory stewardship to monitor the performance and quality of the financial markets regulatory system. MBIE developed the charter as a management tool to set expectations and provide an overview of the regulatory system.
This Charter represents a mutual undertaking about how the Council of Financial Regulators (CoFR) members commit to work together to deliver the CoFR vision.
Our behaviours will be:
We will provide clear expectations and deliver on them.
We will state positions openly, honestly, freely and frankly.
We will work together to achieve sound and efficient outcomes.
We will seek each other’s perspectives constructively and make sure we understand them.
We recognise that disagreements happen on issues, not people.
We recognise our common interests in sharing information and finding solutions.
Our communications with each other will be:
Easily understood, with decisions explained.
Provided in good time and with no surprises.
We recognise our responsibility for joint stewardship (te hunga tiaki) of a healthy and efficient financial system that benefits all New Zealanders.
Consumer vulnerability framework
The FMA has developed a non-binding framework for industry when developing or reviewing the way it treats vulnerable customers. When considering your customer vulnerability practices, we would expect you to consult widely in developing your own terminology, procedures, and processes for assisting vulnerable consumers. These should focus on the evolving needs of the consumers you serve, should be appropriate for your business and in accordance with any specific legislative requirements. View the Council for Financial Regulators (CoFR) common understanding of the characteristics of a vulnerable consumer.
We are also a member of the Trans-Tasman Council on Banking Supervision, set up by the Australian Treasurer and New Zealand Minister of Finance. This was to encourage a joint approach to trans-Tasman banking supervision; promote and review crisis preparedness and enhance policy harmonisation, mutual recognition and trans-Tasman cooperation.
The FMA also has bilateral MOU obligations with 14 countries, the most significant being with the Australian regulator, ASIC. The FMA and ASIC signed a new MOU in relation to assistance and mutual cooperation on 28 August 2012.