Geoff Bascand, deputy governor and head of operations at the Reserve Bank of New Zealand (RBNZ), has suggested that they need more resources rather than more power to better fulfil their role as prudential regulator of insurance firms.
The suggestion follows a joint statement with the Financial Markets Authority (FMA) on their disappointment with life insurers’ response to their conduct and culture review – noting that the firms “failed to demonstrate the necessary urgency” of the situation and have not sufficiently invested in the systems needed to properly monitor conduct risk.
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