Latest news with #FinancialMarketsConductAct
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Financial Markets Conduct Amendment Bill
Press Release – The Finance and Expenditure Committee This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The Finance and Expenditure Committee is calling for submissions on the Financial Markets Conduct Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025. This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The other two bills are the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and the Credit Contracts and Consumer Finance Amendment Bill. Please take care to upload your submission on the relevant bill. The bill would: change minimum requirements for fair conduct programmes to allow for more flexibility and to reduce unnecessary prescription and compliance costs require the Financial Markets Authority (FMA) to issue a single licence covering different classes of market services change provisions that require firms holding a licence under the Financial Markets Conduct Act, or authorised bodies, to obtain regulatory approval from the FMA before certain changes in firms take effect introduce on-site inspection powers for the FMA to, without notice, enter and remain at a place of business of a financial markets participant for compliance monitoring purpose make a number of other technical amendments. Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
Scoop
21-05-2025
- Business
- Scoop
Have Your Say On Financial Markets Conduct Amendment Bill
The Finance and Expenditure Committee is calling for submissions on the Financial Markets Conduct Amendment Bill. The closing date for submissions is 11.59pm on Monday, 23 June 2025. This bill is one of three that the Finance and Expenditure Committee is considering related to financial services. The other two bills are the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill and the Credit Contracts and Consumer Finance Amendment Bill. Please take care to upload your submission on the relevant bill. The bill would: change minimum requirements for fair conduct programmes to allow for more flexibility and to reduce unnecessary prescription and compliance costs require the Financial Markets Authority (FMA) to issue a single licence covering different classes of market services change provisions that require firms holding a licence under the Financial Markets Conduct Act, or authorised bodies, to obtain regulatory approval from the FMA before certain changes in firms take effect introduce on-site inspection powers for the FMA to, without notice, enter and remain at a place of business of a financial markets participant for compliance monitoring purpose make a number of other technical amendments. Make a submission on the bill by 11.59pm on Monday, 23 June 2025.
National Business Review
02-05-2025
- Business
- National Business Review
Westpac pinged $3.25m for overcharging, misleading customers
Westpac has been slapped with a $3.25 million penalty for misleading customers who were otherwise entitled to advertised discounts, while overcharging its business customers. New Zealand's fourth-largest bank admitted to breaching the fair dealing provisions under the Financial Markets Conduct Act
