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    5 February 2019

    Australian Royal Commission findings concerning, but NZ moves to protect consumers already in train

    The New Zealand Government will closely analyse the outcomes of the Australian Royal Commission but has already committed to ensure consumer interests are protected in the banking and insurance sector.


    29 January 2019

    Govt to act to protect bank, insurance consumers

    A report released today by the FMA and RBNZ highlighted major issues in the insurance sector impacting on consumers. This follows a report on banking conduct and culture released in December. The problems highlighted in both reports are similar, Commerce and Consumer Affairs Minister Kris Faafoi says, though more extensive in life insurance.


    26 April 2018

    Financial Markets Authority board appointments announced

    Hon Kris Faafoi26 April 2018Commerce and Consumer Affairs Minister Kris Faafoi today announced the appointment of Professor Prasanna Gai to the Financial Markets Authority Board.“Professor Gai, who is currently Professor of Macroeconomics at the University of Auckland, has extensive international academic and high-level policy experience in financial market issues, and will add a valuable dimension to the Board’s work.”Current board member Campbel...


    10 April 2018

    Cutting fine print from financial information: public and sector urged to have their say

    Hon Kris Faafoi10 April 2018 Commerce and Consumer Affairs Minister Kris Faafoi is encouraging public feedback on proposed regulations that will make it easier for consumers to understand the whole picture when receiving financial advice.“I want consumers to make the best decisions they can during their financial planning so ensuring important information is available and easy to understand is crucial. For example, information hidden in fine print isn...


    27 March 2018

    KiwiSaver fees made clear

    Hon Kris Faafoi27 March 2018 KiwiSaver providers disclosing in dollars the total fees charged to their investors is a step forward for Kiwis towards achieving the best retirement savings, Minister for Commerce and Consumer Affairs Kris Faafoi says.“This greater KiwiSaver fees transparency is enacted from April 1 and consumers will start to see fees disclosed on their statements over the next few months. As well as providing greater clarity on what the...


    12 March 2018

    Public and sector urged to have their say on financial advice code of conduct

    Hon Kris Faafoi12 March 2018 Commerce and Consumer Affairs Minister Kris Faafoi has welcomed the beginning of public consultation on a new code of conduct for financial advice.“Consumers trust the people and institutions that provide financial advice, so it is important that financial advice is held to appropriate standards,” said Mr Faafoi.“This is one of a range of significant changes to the regulation of financial advice contained in the Financ...


    6 March 2018

    Insurance contract law review starts

    Hon Kris Faafoi6 March 2018 Commerce and Consumer Affairs Minister Kris Faafoi has today released the terms of reference for a review of New Zealand insurance contract law.“Insurance plays an important role in the lives of New Zealanders, helping people cope with unforeseen life events and providing businesses with greater certainty.“But there are significant problems with New Zealand’s insurance contract law which are undermining the effectivenes...


    9 February 2018

    KiwiSaver providers fee drop welcomed

    Hon Kris Faafoi9 February 2018Two of the nine government-appointed KiwiSaver default providers have decreased their fees in response to the review of fees charged.Minister of Commerce and Consumer Affairs Hon Kris Faafoi says that while seven of the nine default providers did not wish to make any change to fees, he was pleased to see both ANZ and Kiwibank decrease fees. This would lead to an estimated $1million in fee savings for KiwSaver members over t...


    7 December 2017

    Financial advice Bill puts Kiwis needs first

    Hon Kris Faafoi7 December 2017Commerce and Consumer Affairs Minister Kris Faafoi says the first reading of the Financial Services Legislation Amendment Bill in Parliament today is the first step in a significant package of changes to ensure all Kiwis can get good quality financial advice based on their individual needs.  The Bill will require all providers of financial advice to operate to strong, clear standards and ensure transparency around commissi...


    21 June 2017

    Group appointed to develop new code of conduct for financial advice

    Hon Jacqui Dean12 June 2017 Nine people have been appointed to a working group to develop the new code of conduct for financial advice, Commerce and Consumer Affairs Minister Jacqui Dean announced today. “The new code of conduct will be wider in scope than the existing code and will set standards of competence, conduct and client-care for the whole financial advice industry,” Ms Dean says. “This change in scope is part of the review of the Financia...


    19 June 2017

    Elizabeth Longworth appointed as new FMA Board member

    Hon Jacqui Dean19 June 2017 Commerce and Consumer Affairs Minister Jacqui Dean has today announced the appointment of Elizabeth Longworth to the Financial Markets Authority. “I am pleased to confirm Ms Longworth’s appointment to the FMA for a term of three years,” Ms Dean says. “Ms Longworth brings to the FMA strong international policy and regulatory experience, as well as valuable governance and legal experience. “I would like to acknowledge...