RBNZ announced the new vision and work program of the Council of Financial Regulators (CoFR) in New Zealand. RBNZ statement also outlined the work priorities of CoFR for the coming year. The seven workstreams for the year will tackle issues related to climate change, financial inclusion, conduct and governance, fintech, residential property insurance, sustainability of the credit union sector, and review of the regulatory system charter.
Each of these workstreams will be led by one of the agencies comprised by CoFR, but involving all the members (alongside other government agencies, as necessary) in a coordinated effort to tackle issues that reach across the financial system. CoFR comprises RBNZ, the Financial Markets Authority (FMA), the Treasury, the Ministry of Business, Innovation and Employment (MBIE), and the Commerce Commission. RBNZ will lead the workstream on climate change. To address climate change, RBNZ aims to facilitate a smooth transition to a low-carbon and climate-resilient economy, while supporting the soundness and efficiency of the financial system. Under the conduct and governance, which will be led by FMA, the aim is to develop coordination and joint action on governance and conduct issues and to ensure that banks and insurers maintain progress in these areas. In terms of fintech, led again by FMA, the aim is to ensure the regulatory system facilitates innovation that improves outcomes for customers and financial system participants.
Keywords: Asia Pacific, New Zealand, Banking, Insurance, Work Priorities, Credit Unions, Fintech, Climate Change Risk, Governance, Operational Risk, RBNZ
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