The New Zealand Council of Financial Regulators is establishing a new vision to better coordinate financial system regulation and more effectively recognise the specific responsibilities of its member agencies.

The council is made up of the Reserve Bank, Financial Markets Authority, Treasury, and Ministry of Business, Innovation and Employment. The Commerce Commission is also becoming a member. It tries to identify issues of relevance for multiple agencies.

The council was instrumental in launching the recent conduct and culture review of the country’s banks and life insurers.

Financial Markets Authority Chief Executive Rob Everett says the conduct and culture review shows the importance and benefits of regulators working together to tackle issues that span across the financial markets’ regulatory system.

“Ensuring a coordinated response to such issues will help to build confidence in the regulation of New Zealand’s financial markets,” he says.