The new vision aims to contribute to maximising New Zealand’s sustainable economic wellbeing through responsive and coordinated financial system regulation, and allows for a longer term view that more effectively recognises the specific responsibilities of each agency.
CoFR works to identify and respond to issues of cross-agency relevance.
Responsibility for chairing the group alternates between Reserve Bank Governor Adrian Orr and Financial Markets Authority chief executive Rob Everett.
"The council was instrumental in launching the recent conduct and culture review of New Zealand’s banks and life insurers," Everett said.
"This illustrated the importance and benefits of regulators working together to tackle issues that span across the financial markets’ regulatory system. Ensuring a coordinated response to such issues will help to build confidence in the regulation of New Zealand’s financial markets."
The group meets quarterly to discuss financial markets regulatory issues, risks and priorities.
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