New Zealand’s government announced a new oversight regime for regulating financial conduct. With these new regulations, customers can expect fairer treatment from insurers, banks and other financial institutions.
Measures include a new conduct licensing system for inancial service providers. This includes requirements for them to meet standards of customer treatment and a ban on incentives for meeting sales targets.
Legislation to implement this regime is expected by the end of the year.
New Zealand’s regulators may look to the example of their neighbors — most particularly of course Australia, but also Hong Kong and Singapore — for lessons on the importance of behavioral science in the context of culture and conduct risk management
In case you missed it, check out Stephen Scott’s Regulation Asia article on culture and conduct supervision here.