New Zealand has not ruled out holding an inquiry similar to Australia’s Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Sector.

The Financial Markets Authority (FMA) and Reserve Bank of New Zealand (RBNZ) have asked 15 major life insurers to identify whether conduct issues exist and what steps have been taken to address problem areas.

And the regulators are reviewing responses from banks as part of their “review of conduct and culture” in the financial services sector – a move triggered by revelations about the extent of deceptive practices and lapses in Australia.

The regulators say the review may be expanded to other financial services providers.

 “Our concern about the [Hayne royal commission’s] impact on confidence in our financial institutions and the potential for complacency in the New Zealand industry led us to take action,” they say in a joint statement.

“In our monitoring work to date we have not seen evidence of widespread, systemic issues to warrant a commission of inquiry in New Zealand. However, the work we have initiated may test this view.”

The regulators have briefed Finance Minister Grant Robertson and Commerce and Consumer Affairs Minister Kris Faafoi.

“We are watching the situation closely because New Zealanders need continued reassurance that what we have seen uncovered in Australia does not happen here,” Mr Robertson said.

“We have agreed to meet with the RBNZ and FMA on a regular basis as their work program develops.”