Personal Injury and Natural Disasters
Regulators of New Zealand Financial Service Providers
Relevant Government Agencies and Commissioners
Financial Advice Provider and Advisers
All Financial Advice Providers and the financial advisers they engage, are subject to the regulatory Code of Professional Conduct for Financial Advice Services which outlines the minimum standards of ethical behaviour, conduct, client care, knowledge, competence and skill. The Financial Advisers Disciplinary Committee (FADC), established by the Minister of Commerce, conducts disciplinary proceedings arising out of complaints regarding financial advisers referred to it by the Financial Markets Authority (FMA).
Credit Providers and Finance Companies
All lenders are subject to lending regulations and the Credit Contracts and Consumer Finance Act (CCCFA) which requires lenders to act responsibly, and ensures borrowers are able to make informed choices about what they are agreeing to. The Commerce Commission website and the Responsible Lending Code further provides guidance on the lender responsibilities.
Many lending companies are members of the Financial Services Federation (FSF) which provides helpful consumer information on responsible borrowing. FSF members subscribe to the Responsible Lending Guidelines and Responsible Credit-related Insurance Code and Responsible Mobile Shop Code.
Insurers for Home, Contents, Vehicle, Pet and Travel Insurance
Most general insurers are members of the Insurance Council of New Zealand (ICNZ) and subscribe to the Fair Insurance Code - a code developed by the ICNZ, which sets out "the standard of service member companies must provide to their customers. These obligations on ICNZ members are in addition to those imposed by the law". The code describes how the consumer's relationship with their insurer should work, including what you need to tell them and how they need to respond.
Insurers for Life, Health, Trauma Insurance and Investment Funds
Most life and health insurers are members of the Financial Services Council (FSC) and sign up to the FSC Code of Conduct that has the nine standards which fall into three core objectives covering: principle ethical standards, consumer information and communication, and delivering good outcomes to consumers.
Note: This is a industry code for FSC Members only, mainly made up of Life & Health Insurers, Investment Funds. It is designed to support the professionalism of the financial services industry and the FSC members and is about increasing trust and confidence in the providers of financial services and the products they deliver.
Financial Services Council (health & life insurers, KiwiSaver & investment funds)
Financial Services Federation (non-bank lenders)
Insurance Council of New Zealand (home, content, vehicle, pet, travel and business insurers)
New Zealand Bankers Association