Unless you closely follow regulation (and arguably anyone in insurance should), you may have missed how regulators are widening their mandate even before fundamental decisions have been made - such as what the role of the Reserve Bank (RBNZ) should be, what its role in financial policy should be, and how it should be governed.
Those questions are part of what the current Reserve Bank Act Review is consulting on. Yet before submissions were due, in a most timely and clear way, bulletins were issued by the RBNZ and the Financial Markets Authority (FMA) announcing that the Council of Financial Regulators (CoFR) had a new vision to maximise “New Zealand’s sustainable economic wellbeing through responsive and coordinated financial system regulation.”
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