Nick Summerfield

Nick Summerfield is Head of Practice for Anthony Harper’s Banking, Financial Services and Insolvency team, and a financial services expert with more than 20 years experience. He works in all areas across the sector including investment funds (including KiwiSaver), insurance (both regulatory and claims matters), capital markets, financial advice laws, and financial service providers regulation. He also advises on the Takeovers Code, NZX Listing Rules compliance, and on dealings with regulators. Nick is actively involved in law reform, and advises clients on contemporary issues including conduct and culture, and climate change.

He is ranked by Legal 500 as a leading individual, and recognised by both Chambers & Partners and Best Lawyers. Nick brings an international perspective to his role, having practised in Australia and the United Kingdom.

Nick’s clients describe him as “an excellent operator” who delivers “strategic, pragmatic and timely advice,” and regard him as a trusted adviser who takes the time to understand their business. In addition, Nick is cited as “one of those rare lawyers who is both easy to understand and practical.”

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Key Transactions

Advised:

• A major insurer, and a number of fund managers, on conduct and culture issues, including assisting with formal responses to the FMA and RBNZ.
• Funds managers of all sizes on new fund offerings, and significant matters affecting existing funds.
• Financial advisers, financial adviser groups, and others on compliance with financial advice laws, including business structuring, disclosure matters, conduct, and law reform.
• Offshore financial service providers on New Zealand law, including working with a large number of Australian issuers and their advisers on New Zealand offers.

Assisted:

• Clients with formal and informal interactions with regulators (including the FMA, the RBNZ, the Takeovers Panel, APRA, and ASIC)
• Various clients on licensing matters, including applying for new licences, and seeking variations of existing licences.

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Directories

• Asia Pacific Legal 500, Investment Funds, Leading Individual, 2021-2024
• Chambers and Partners, Financial Services, Ranked, 2021-2024
• Business Today, Top 10 Most Influential Financial Services Lawyers in New Zealand 2023

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Credentials

• Bachelor of Laws (LLB), (First Class Honours), University of Canterbury
• Bachelor of Commerce (BCom), University of Canterbury

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Admission to the Bar

• New Zealand, 2002
• England and Wales, 2008
• New South Wales, 2014

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Contributed Articles

• What a new Government means for financial services

  “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 deserve.” Andrew Bayly’s August 2023 press release sets a lofty goal, and the sentiment behind […]

• Establishing Customer Data Rights – Have your say on the Customer and Product Data Bill

  MBIE has opened consultation on the exposure draft of the highly anticipated Customer and Product Data Bill. The Bill establishes what has been referred to as a ‘Consumer Data Right’ (CDR). In practical terms the CDR aims to bolster the rights of customers in respect of their data by allowing customers to instruct businesses in […]

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

  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 after Parliament received the Select Committee report on the Bill. Given the time that has gone […]

• The Government takes on the income protection insurance market

  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 (or reduce) work due to poor health or a disability. The scheme was jointly designed by the Government, […]

• Climate change – reporting on a sleeper issue

  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 the first country in the world to mandate reporting on climate risks. This article provides an overview of the proposals, and our thoughts on […]