Articles tagged with 'CoFI'
13 March 2024 - Banks are optimistic the new National Party-led government will be more business-friendly than the previous government but they would prefer the government to tinker with regulation rather than engage in wholesale repeal.
2 February 2024 - The prize to be achieved from simplifying and standardising financial services regulation is significant, law firm MinterEllisonRuddWatts says.
31 January 2024 - The government is doing an about turn on the contentious Conduct of Financial Institutions (CoFI) legislation.
9 November 2023 - Financial Advice NZ chief executive Katrina Shanks questions whether there is room for another adviser association in New Zealand.
30 September 2023 - The Southern Cross Health Society says it's “very supportive” of the intention of the Conduct of Financial Institutions Act (CoFi).
27 September 2023 - The National Party's pledge to scrap the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFi) “threw a spanner in the works” but businesses should regard it as an opportunity to improve their business, according to accounting firm KPMG.
23 September 2023 - It was curious to see the Financial Services Council is turning itself into a lobby group – last time it did that things didn’t go too well.
19 September 2023 - The Financial Services Council (FSC) is determined to remain apolitical and won't be commenting on any party's proposals.
25 August 2023 - The National Party plans to get rid of CoFI if it wins this year’s election. I won’t mince my words. It’s an even dumber policy than what it proposes for KiwiSaver and will leave most New Zealanders unprotected if, and when, things go wrong in financial services.
22 August 2023 - CoFi has to go, says National’s Commerce and Consumer Affairs spokesman Andrew Bayly.
25 July 2023 - From today the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – will begin accepting licensing applications for financial institution licenses under the Conduct of Financial Institutions (CoFI) regime.
27 June 2023 - The Financial Markets Authority has put out its final guidance to financial institutions on how to comply with new CoFI rules around product and services distribution through intermediary channels.
27 February 2023 - Financial Advice NZ, is breathing a sigh of relief that the Government's latest set of rule making for the industry appears to be relatively benign.
24 February 2023 - We dig deeper into the FMA's proposed guidance on new conduct laws and how they will impact advisers.
21 February 2023 - The much-awaited guidance on how new conduct rules will work with advisers has been released by the Financial Markets Authority.
2 December 2022 - FMA CoFI guidelines suggest large financial institutions will be required to keep an eye on advisers who do work for them under contract.
9 August 2022 - FMA sets out timetable for COFI compliance, praises industry for ‘incredibly constructive’ discussions
21 July 2022 - The Financial Markets Authority (FMA) has wasted no time in putting some flesh on the bones of the COFI Act with the release yesterday of a set of six proposed standards for its new licensing regime for insurers, banks and non-bank deposit-takers.
30 June 2022 - New conduct rules for the financial services sector have passed through Parliament .
30 June 2022 - An estimated 90% of businesses registered on the Financial Providers Services Register (FSPR) will not be expressly subject to the COFI regime, according to law firm Bell Gully.
23 June 2022 - The Financial Markets (Conduct of Institutions) Bill (COFI) will be given extra teeth to crack down on sales incentives, according to the man who is driving it through parliament.
21 June 2022 - The main advisers lobby group welcomes changes proposed for financial conduct legislation, which is working its way through parliament.
18 May 2022 - The much-criticised Financial Markets (Conduct of Institutions) Amendment Bill, or COFI, took another leap forward in parliament yesterday, passing its second reading and going on to consideration by the Committee of the Whole House next week.
12 May 2022 - Financial Advice New Zealand, is hopeful of untangling at least some of the bureaucratic knots which risk strangling a big portion of the financial advice industry.
20 April 2022 - Insurers and advisers who are putting processes in place to comply with COFI have hit a blind spot: exactly how the two groups will be expected to interact will not be known until the government produces a supplementary order paper (SOP) sometime after the bill receives its second reading in Parliament.
18 March 2022 - Newly ensconced FMA boss Samantha Barrass is planning to publish draft conduct guidelines for the financial industry “shortly” and is urging advisers to have their say.
25 November 2021 - Financial advice firms, insurers, banks and related institutions should prepare now for the impending implementation of CoFI legislation or risk being bogged down by further regulations.
17 November 2021 - The Government is not looking to ruin the financial advice sector by over-regulation but make it more accessible and trustworthy for consumers in the long run.
29 October 2021 - Former Financial Markets Authority chief executive Rob Everett talks about the difficulties of regulating financial advice.
29 September 2021 - While the covid crisis and regulatory change have hit many financial service providers hard it's also impacting the country's regulators - none more so than the Financial Markets Authority.
7 September 2021 - The advice industry is undergoing much change, and you could be forgiven if you hadn't noticed what's happening to our brethren - mortgage advisers.
27 July 2021 - After numerous delays and extended rounds of consultation, the Financial Markets (Conduct of Institutions) Amendment Bill (CoFI) is heading back to Parliament.
22 July 2021 - The FMA has fired serious warning shots at the general insurance industry saying it is not prepared for new legislation requiring them to ensure good conduct and fair treatment of customers.
20 July 2021 - The Financial Markets Authority (FMA) has its work cut out for it over the next 12 months dealing with a range of issues from insider trading, false advertising and the CoFI Bill to cybercrime, KiwiSaver and compliance.
11 June 2021 - The new bill to regulate conduct of financial institutions started its second reading in Parliament yesterday and was immediately criticised by the National Party.
25 May 2021 - The Financial Markets (Conduct of Institutions) Amendment Bill is set to reform the way banks pay commission to mortgage advisers, with sales and volume based incentives set to be outlawed. Here's what advisers need to know.
3 May 2021 - MBIE is currently undergoing an industry consultation on whether the CoFI bill should apply to financial advisers, Good Returns digs into the details.
27 April 2021 - MBIE has opened up a second industry consultation on the CoFI bill, which would see financial advisers have two sets of conduct principles to adhere to.
17 August 2020 - Russell Hutchinson is a fan of being treated fairly, and thinks we should, of course, treat customers fairly. But how might the fair conduct requirement work in practice?
10 August 2020 - Financial advisers have been granted some leniency under the new Financial Markets (Conduct of Institutions) Amendment Bill.
11 June 2020 - The Finance and Expenditure select committee has heard a “concerted message” from the financial services sector, its chair Deborah Russell says.
8 June 2020 - New Zealand’s financial services sector has asked for more time to be spent on developing the Conduct of Financial Institutions Bill – and warned there could be unintended consequences of the bill in its current form.
20 May 2020 - Commerce Minister Kris Faafoi has acknowledged concern at how the Conduct of Financial Institutions Bill (CoFI) will interact with the new financial advice regime – but says he thinks the advice regime is the most appropriate way to regulate financial advice and advisers.
6 May 2020 - Steve Wright takes a critical look at the minimum standards of competence, due care, diligence and skill and how it will affect the insurance adviser world.
5 May 2020 - Adviser group SiFA has called for the Financial Markets (Conduct of Institutions) Amendment Bill (CoFI) to be completely rewritten – and warned that, in its current state, it could lead to adviser businesses being turned on their heads “with a stroke of a pen”.
24 March 2020 - A decision by Parliament’s Finance and Expenditure Committee to extend the time for submissions on the Financial Markets (Conduct of Institutions) Amendment Bill is a very sensible one, says Financial Advice NZ.
11 February 2020 - Commerce Minister Kris Faafoi has promised the financial services sector there will be no more big announcements this year.
27 January 2020 - New conduct regulations for financial institutions will cause a limited reduction in access to financial advice because a ban or cap on commission has not been recommended, the Ministry of Business, Innovation and Employment says.
15 October 2019 - New rules of conduct for banks and insurers could be bad news for organisations already grappling with the looming implementation of the Financial Services Legislation Amendment Act, one law firm says.
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