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Conduct of Financial Institutions and KiwiSaver Annual Report 2019

Financial Services Council

Wednesday, 30 October 2019 from 8:00 am to 9:30 am (NZDT)

Conduct of Financial Institutions and KiwiSaver Annual...

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Ticket Type Sales End Price * Fee
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Not a member of the Financial Services Council   more info Ended $60.00 $0.00
Member of the Financial Services Council
Ticket for members of the Financial Services Council
Ended $45.00 $0.00
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Event Details

 

THIS EVENT IS NOW SOLD OUT - CONTACT fsc@fsc.org.nz FOR MORE INFORMATION

Join us over breakfast to delve into the Government's latest announcements about the conduct of financial institutions and the FMA's latest KiwiSaver Annual Report

 

You are invited to join us on Wednesday 30 October 2019 from 8am in Auckland to explore:

  • the detail of the conduct of financial institutions announcement made on 25 September by Minister Faafoi, and
  • the FMA's KiwiSaver Annual Report 2019.

 


 

MEMBERS OF THE FSC RECEIVE A $15 DISCOUNT
non-member $60 | member $45
including breakfast

 


 

Regulating conduct of financial institutions

Hon Kris Faafoi announced that the Government will be introducing new legislation which will require banks, insurers and other financial institutions to put systems in place to make sure they treat customers fairly. 

 

The measures announced included:

  • a new conduct licensing system for banks, insurers and non-bank deposit takers such as credit unions.
  • the new regime requiring these entities to meet high standards of customer treatment.
  • a ban on incentives which are based on meeting sales targets.

 

The new regime will be backed by strong enforcement tools, including giving the Financial Markets Authority the ability to direct licensed institutions to change behaviour, improve their systems and processes, as well as suspend or vary the conditions of a licence.

 

KiwiSaver Annual Report 2019

The Financial Markets Authority released the latest KiwiSaver Annual Report, a valuable annual temperature check of the KiwiSaver system, how the scheme is evolving and what remains a work in progress.

 

The report shows a growth of KiwiSaver members to nearly 3 million with $57 billion of assets invested in the scheme. More consumers are making active choices and updating their KiwiSaver settings, and the report highlights a concern that fee levels have not reduced as expected.

 

The panel will also take a look at the Financial Services Council's discussion paper, KiwiSaver 2050: Pathways to the Future, which was launched at the Towards Wellbeing Conference in September.

 

The breakfast event

In this first breakfast event on the conduct of financial institutions and KiwiSaver fees, representatives from the Financial Markets Authority and Ministry of Business, Innovation and Employment will join other experts.

 

Following an introduction from the FMA and MBIE, the panel will delve into the new measures and debate the impact on financial services and how we can keep building on the work already underway to improve customer outcomes.

 


 

Agenda

8.00am - Breakfast
8.15am Liam Mason, Director of Regulation, Financial Markets Authority and Sharon Corbett, Manager Financial Markets at MBIE
8.45am - Panel discussion
9.30am - Close 



 

 

 

Liam Mason, DIrector of Regulation, FMA

Liam leads and oversees the licensing and supervision of all financial markets participants, from individual AFAs through to KiwiSaver providers. He is also responsible for the FMA’s compliance frameworks, contacts, and intelligence functions.

 

Liam has extensive experience in securities law and corporate governance matters, advising on securities and financial services law and policy, Crown entity governance and legal compliance. 

 

 

 

Sharon Corbett, Manager Financial Markets, MBIE

Sharon manages the financial markets policy team at MBIE, which includes responsibility for the new financial advice regime, the recently announced reforms to regulate the conduct of financial institutions, and the current KiwiSaver default provider review. 

 

Have questions about Conduct of Financial Institutions and KiwiSaver Annual Report 2019? Contact Financial Services Council

When & Where


MinterEllisonRuddWatts
Level 20, Lumley Centre
88 Shortland Street
Auckland, 1140
New Zealand

Wednesday, 30 October 2019 from 8:00 am to 9:30 am (NZDT)


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