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Financial services lockdown update - FMA hopes to add to list

Financial services are currently not included as ‘Alert level 4 businesses or services’ in the Public Health Response (Alert Level Requirements) Order (No 9) 2021.

Thursday, August 19th 2021, 3:18PM

However, firms are still able to go on-site to maintain critical systems/infrastructures which cannot be completed remotely. This is covered under clause 18 (2) of the Order.

There is also a provision (Schedule 2, number 29) to operate “Businesses or services necessary to maintain other Alert Level 4 businesses or services”.

This includes back-office functions, treasury, payment, settlement,  registry functions, or other similar activities.

Under Alert level 4, financial services firms may not currently provide any services face-to-face with the public. In all cases, if employees need to work on-site, they should be strictly limited.

"The FMA has been working with the RBNZ and MBIE on developing a list of financial services we consider essential to the functioning of New Zealand’s markets," says the FMA in a statement.

"We are working towards having these included in the next round of amendments or receiving a class exemption from the Order. We anticipate what may be considered essential financial services to be narrower than in previous Alert Level 4 scenarios."

The FMA will provide more clarity on the role of financial services at Alert Level 4 shortly. If you have any concerns, get in touch.

 

Tags: Covid-19 FMA

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AIA 6.35 5.25 5.45 5.99
ANZ 6.34 5.59 6.05 6.29
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BNZ - Std, FlyBuys 6.39 5.55 5.99 6.29
BNZ - TotalMoney 6.39 - - -
CFML Loans 7.25 - - -
China Construction Bank - 5.35 5.80 5.99
China Construction Bank Special - - - -
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First Credit Union Special 5.85 5.35 5.85 -
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HSBC Premier LVR > 80% - - - -
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Kainga Ora - First Home Buyer Special - - - -
Kiwibank 6.00 5.95 6.45 6.79
Kiwibank - Offset 6.00 - - -
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Median 6.34 5.33 5.79 5.93

Last updated: 11 August 2022 8:40am

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