News & thinking

Financial Services:

What a new Government means for financial services

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"Cutting financial red tape and unlocking the enormous potential of KiwiSaver is part of National’s broader plan to strengthen the economy so we can reduce the cost of living, lift incomes for all and deliver the public services New Zealanders…
Finance Law Anthony Harper

On the home straight … long awaited Conduct of Financial Institutions SOP released

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The Financial Markets (Conduct of Institutions) Amendment Bill took a major (and belated) step forward late last week with the release of the long awaited supplementary order paper (SOP) to amend the Bill. This progress comes almost two years…

The Government takes on the income protection insurance market

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Last week, Finance Minister Grant Robertson announced the Government's proposal for a universal income insurance scheme. The "social insurance" would support New Zealanders who lose their job through no fault of their own, or need to stop…

Climate change – reporting on a sleeper issue

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Earlier this week, the Government announced that mandatory climate-related financial disclosures will be introduced for large financial services entities. The announcement follows last year's consultation on the issue, and makes New Zealand…

How not to advertise financial products

Financial advertising is pretty depressing these days. A lot of it is helpful – banks proactively communicating hardship options, fund managers explaining market movements, advisers trying to help investors make the right decisions (or avoid…

Conduct of financial institutions… the Government hits back

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On 25 September 2019, the Government announced conduct licensing and other conduct rules for banks, insurers, and non-bank deposit takers (like credit unions). What will the changes mean? The conduct of financial institutions continues to…

“Social licence” in the financial services industry

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"Social licence" in the financial services industry – the Hon Grant Robertson speaks to Jack Tame at the Financial Services Council "Towards Wellbeing" Conference 2019 The financial services sector needs to look at its social licence,…

What the Australian Royal Commission means for New Zealand

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The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released in February. It highlights conduct by financial services entities "over many years" that has caused substantial…

Final report of the Australian Royal Commission

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The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released on 4 February 2019. The report is bleak: it makes uncomfortable reading for anyone who participates in the…

Financial services – Looking ahead to 2019

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Legal reform and the financial services sector go hand-in-hand, with almost constant regulatory change the norm. Looking ahead to 2019, there are two developments which will need particular attention – good conduct, and changes to financial…

Will the financial advice change affect you?

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The Economic Development, Science and Innovation Committee has reported back on the Financial Services Legislation Amendment Bill (FSLAB). FSLAB will amend New Zealand's financial advice laws, by replacing the current stand-alone Financial…

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