Council of Financial Regulators reveals work priorities for 2020

Council of Financial Regulators reveals work priorities for 2020 | Insurance Business

Council of Financial Regulators reveals work priorities for 2020

The Council of Financial Regulators (CoFR) has revealed its work priorities for the coming year.

The council, which has been operating since 2011, is composed of the Reserve Bank of New Zealand (RBNZ); Financial Markets Authority (FMA); the Treasury; Ministry of Business, Innovation, and Employment (MBIE); and the Commerce Commission.

Next year, the Treasury will focus on residential property insurance to support resilience, affordability, and consumer information in the residential insurance market while managing costs and risks to the government.

Meanwhile, the FMA will lead conduct and governance to ensure that banks and insurers maintain progress in governance and conduct issues. It is also expected to lead FinTech to ensure that the regulatory system facilitates innovation that improves outcomes for customers.

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Other CoFR workstreams next year include climate change, led by RBNZ to facilitate a smooth transition to a low-carbon and climate-resilient economy; credit unions, also led by RBNZ to work together on the health and sustainability of the credit union sector; financial inclusion and consumer engagement, led by the Commerce Commission to improve consumers’ access to financial services; and review of the regulatory system charter, led by MBIE to promote active stewardship of the financial markets regulatory system.

Speaking about the council’s 2020 priorities, RBNZ Governor Adrian Orr said: “I am pleased to set out this ambitious work programme for the Council of Financial Regulators. This shows that different agencies with different responsibilities can work together to deliver real benefits to consumers of the financial services sector.”

Rob Everett, chief executive of FMA, added: “These workstreams will focus CoFR agencies’ coordination efforts over the coming years. The result will be agencies collaborating where this adds value and ensuring clarity about roles and responsibilities for the financial system.”