The FMA has published advice for smaller firms to help them establish and maintain a Fair Conduct Programme (FCP) and apply for a Financial Institution (CoFI) licence.
Fair conduct is the overarching principle of CoFI that a financial institution must treat consumers fairly. The CoFI regime is designed to protect consumers by putting them at the forefront of institutions’ decisions and actions.
The requirements for FCPs have been designed to accommodate a wide variety of financial institutions to design and implement processes and controls that ensure consumers are treated fairly.
The information sheet is the latest piece of support from the FMA to help smaller firms prepare for the new regime when it comes into effect in March 2025.
FMA Executive Director of Regulatory Delivery Clare Bolingford encourages all small firms to read the information sheet and attend its CoFI workshops.
“The FMA is here to support firms on their journey,” she said. “It is also a timely reminder for all firms to get their licence applications in well in advance of the March 2025 deadline for obtaining a licence.”