The sheet provides information and examples to help smaller firms establish, implement and maintain their FCP. Financial institutions are required to have an FCP that is designed to ensure their compliance with the fair conduct principle, as set out in the Financial Markets (Conduct of Institutions) Amendment Act 2022.
The fair conduct principle is the overarching principle of CoFI that a financial institution must treat consumers fairly. The CoFI regime is designed to protect consumers by putting them at the forefront of institutions’ decisions and actions. CoFI is principles-based and the requirements for FCPs have been designed to enable and accommodate a wide variety of financial institutions to design and implement processes and controls in their business that work to ensure that consumers they deal with are treated fairly.
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