[The Wrap] NZers will be left exposed if CoFI is repealed

First some background. The genesis of CoFI is none other than the Royal Commission in Australia which exposed horrendous behaviour by banks and insurers.

In response to that commission the Financial Markets Authority and Reserve Bank used this as an opportunity to examine banks and insurers in New Zealand.

Of course, the New Zealand companies said they have had nothing to hide even though many of them are Australian owned and many of the companies in Australia which ran foul of the commission were run by Kiwis.

Oddly enough since this started significant conduct issues have been found in New Zealand and some pretty hefty fines handed down. Just look at the cases like ones where AIA, Cigna and ANZ all pleaded guilty and ended up paying multi-million dollar fines.