FMA Report on Insurer Conduct and Culture Review Due December 


The Financial Markets Authority has stated in its October update that it will report on its Insurer Conduct and Culture Review in December.

It also updated its progress on the Bank Conduct and Culture Review, noting it is finalising its review with the Reserve Bank.

The regulator stated it will publish its review of Bank Conduct and Culture within the next month, along with its Annual Report for 2018.

FMA Chief Executive, Rob Everett

“Since June, we have completed on-site monitoring visits with 11 banks, conducted about 400 interviews, received more than 1000 documents and visited 13 towns and cities around NZ,” said FMA Chief Executive, Rob Everett.

He stressed the review was not an audit of individual files or accounts, or a detailed inquiry similar to that of the Royal Commission in Australia.

He said findings that relate to individual banks will be provided directly to the banks involved and they will be required to deliver a plan to address any risks identified.

“We expect the banks to take our recommendations seriously, and devote sufficient focus and resources to making any necessary meaningful improvements,” said Everett.