Code, Conduct & Culture

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The conduct and culture of financial service providers has been under the spotlight of Governments and Regulators across the globe since the banking crisis in 2008. 

FSC’s members make up 95% of New Zealand’s life insurance market, manage funds of around $50 billion and as such expect and welcome a high level of regulatory scrutiny as part and parcel of how we operate.

We are clear that we need to take the lead in lifting standards to deliver better outcomes for New Zealanders. We know that we don’t always get it right and we know that we cannot be complacent.

The Financial Services Council launched its first Code of Conduct which comes into effect on 1 January 2019. The Code, which is designed to sit alongside and complement existing regulation and laws, has nine standards which fall into three core objectives covering ethical, communication and consumer outcomes. There are penalties if the code is not adhered to which include fines of up to $100,000 or termination of membership.

We believe that this is just the beginning, and by working with Government and Regulators on initiatives such as the Financial Services Legislation Amendment Bill, together we can deliver great consumer outcomes.

Related Items

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Code of Conduct 

The FSC Code of Conduct has nine code standards that all members sign up to. The code comes into effect from 1 January 2019.
 

Submission

The FSC submitted a response to the Code Working Group on the Code of Professional Conduct for Financial Advice Services, part of the Financial Services Legislation Amendment Bill.
 
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Media Release 

The industry is listening, responding and evolving to changing consumer needs and public expectations. 
 
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Video 

Watch Rob Everett, Chief Executive of the Financial Markets Authority talk about conduct and culture in New Zealand's Financial Services industry,
 
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Video

Watch Hon Grant Robertson MP in conversation with Corin Dann from TVNZ at the Shaping Futures Conference, including discussions on conduct and culture.

About Us

The Financial Services Council is a non-profit member organisation and the voice of the financial services sector in New Zealand. Learn more
     

Contact Us

+64 (09) 985 5762
fsc@fsc.org.nz
Level 33, ANZ Centre
23-29 Albert Street
Auckland 1010
New Zealand