No way CoFi can stay – National
“What is the point of Conduct of Financial Institutions (CoFi) rules when there is already a raft of legislation around conduct?”, he says.
The Financial Markets Conducts Act, the Commerce Commission, FMA, codes within the banking and insurance sectors and the Reserve Bank all have conduct requirements covering financial institutions.
“We don’t need another overlay of legislation.”
The CoFI regime is due to start on 31 March 2025. It introduces a new regulatory regime to ensure registered banks, licensed insurers and licensed non-bank deposit takers comply with the fair conduct principle when providing relevant services to consumers.
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