Countdown to CoFI: Public awareness campaign set to launch

The Financial Markets Authority will soon launch an advertising campaign targeting consumers encouraging them to measure their bank, non-bank deposit taker or insurer’s products and services against the criteria set out in their Fair Conduct Programme.

The development and regulator approval of an FCP is the core requirement of the Conduct of Financial Institutions legislation, which takes effect from March 31st. A summary of how the company complies with the principles set out in its FCP needs to be added to institution websites to give consumers access.

Michael Hewes, FMA Director Deposit Taking, Insurers and Advice, told Good Returns consumers are at the centre of the legislation and they need to understand what it means for them. There is also a push from the Commerce and Consumer Affairs Minister’s office for the FMA to ensure messaging flows through to those it is designed to benefit.

“It is unique for us as a Crown entity, to actually spend some money on advertising,” he says.

The highly-targeted consumer campaign for social media will launch at the beginning of April.