On Jun. 14, NZFiMA published information sheet re CoFI licensing.
NZFiMA released information sheet aimed at smaller firms to help them establish, maintain fair conduct programme (FCP), apply for financial institution (CoFI) licence.
Follows NZFiMA Nov. 2022 issued licensing material for financial institutions, #154912.
Information Sheet
FCP is crucial for ensuring compliance with fair conduct principle in CoFI 2022/36.
Namely, which mandates fair treatment; NZFiMA reminded that the CoFI regime aims to protect consumers by prioritizing their interests in financial institutions' decisions.
NZFiMA's support includes webinars and one-on-one clinics in order to educate and assist firms in understanding and meeting their obligations under the new legislation.
It is flexible, acknowledging that FCPs shall be proportionate to firm's size, nature, complexity, with smaller firms likely requiring simpler FCPs compared to larger firms.
Effectiveness
All firms need to submit licence applications well in advance of Mar. 31, 2025 deadline.
In Jul. 2024, NZFiMA published research re fairness in financial services, see #219786.
