New Zealand regulator the Financial Markets Authority (FMA) has started preparing for the commencement in 2025 of a new conduct regime that will apply to licensed insurers, banks and non-bank deposit takers. 

Under the Conduct of Financial Institutions (CoFI) regime, insurers need to be licensed by the FMA to provide financial services to consumers. 

FMA says it will begin accepting licensing applications and has published various resources to help firms through the financial institution licensing process. 

Institutions need to establish their fair conduct programs before they submit their licence applications, but they don’t need to be fully implemented until the regime comes into effect. 

CoFI, which comes into force on March 31 2025, requires these institutions to put fair treatment at the heart of their business. 

“It’s important for firms to allow sufficient time to prepare their licence application and consider the contents of their fair conduct program well ahead of 2025,” FMA Executive Director of Regulatory Delivery Clare Bolingford said. 

“We encourage firms to start that work now and submit their licence application as early as possible. We're here to help with the process and answer any questions.” 

Click here for the FMA resources.