Review of financial products and providers - related documents

• Stage one: Framework, problem identification and general directions for reform - report to Minister of Commerce - 29 July 2005 [213 KB PDF]

Discussion papers

• Overview of the review and registration of financial institutions - September 2006 [363 KB PDF]
• Insurance [635 KB PDF]
• Supervision of issuers [495 KB PDF]
• Consumer dispute resolution and redress [301 KB PDF]
• Non-bank deposit takers [301 KB PDF]
• Collective investment schemes [765 KB PDF]
• Mutuals’ governance [192 KB PDF]
• Securities offerings [719 KB PDF]
• Platforms and portfolio management services [269 KB PDF]

Cabinet papers

• Overview [83 KB PDF]
  A two phased approach to introducing legislation to implement the findings of the reviews of financial products and providers, and financial intermediaries.
• Consumer dispute resolution and redress [92 KB PDF]
  The establishment of a comprehensive, industry-based consumer dispute resolution system, with multiple schemes, where membership of an approved dispute resolution scheme is mandatory for registered financial service providers who transact with consumers.
• Non-bank deposit takers [171 KB PDF]
  Non-bank deposit takers will continue to be supervised by trustee corporations (one-tiered) but licensed by a prudential regulator (the Reserve Bank) and comply with minimum prudential, governance and fit and proper requirements at licensing, and on an ongoing basis.
• Non-bank deposit takers addendum paper [59 KB PDF]
  The proposed non-bank deposit takers regulatory arrangements will be applied so that credit unions retain their character while liberalising certain current credit union operational restrictions, and providing depositors with an appropriate level of protection.
• Registration of financial service providers [73 KB PDF]
  All non-bank financial service providers must be registered with the Registrar of Financial Service Providers to provide an initial means of identifying and monitoring financial service providers.
• Trustee supervisory model [60 KB PDF]
  Trustees must be licensed. Trustees are retained as frontline supervisors of debt issuers, non-bank deposit takers, and collective investments schemes. The Securities Commission will approve trustee licences and monitor them on an ongoing basis.
• Arrangements for prudential supervision [65 KB PDF]
  Confirm Cabinet's earlier in principle decision that the Reserve Bank of New Zealand be the prudential supervisor for non-bank deposit takers and insurers and sets out the institutional arrangements to that effect.
• Insurance: contracts, agency and assignments [1.3 MB PDF]
  This seeks agreement to introduce a consolidated statutory framework in respect of insurance contracts, insurance intermediaries' agency status, and life insurance policies.