The Reserve Bank of New Zealand and the Financial Markets Authority are to start assessing the conduct and culture of 15 major life insurers.

The review was prompted by findings from the Hayne royal commission in Australia, which has revealed how financial services groups employed deceptive practices for years.

“We are committed to ensuring high standards of conduct and culture in our financial system, and this exercise is a timely check in a fair and managed way,” Reserve Bank Governor Adrian Orr said.

The selected life insurers provided submissions to the review last Friday.