The FSC in the Policy, Regulation & Advocacy Space June 2021

Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill
The FSC’s involvement with the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill concluded last Thursday 24 June with the FSC’s Richard Klipin and Angus Dale-Jones presenting the industry’s views on the Bill to the Economic Development, Science and Innovation Committee. Recordings of all submitters are available on the Committee’s Facebook page.

ASA (Review of the Code for Financial Advertising)
Submissions to the ASA on the review of the Code for Financial Advertising are due today and our submission is consistent with our message to the FMA when they consulted in February on proposed guidance on advertising of financial products. Please contact us if you would like a copy of any of our recent submissions or would like to be involved in upcoming submissions.

Taxation Committee calls for higher level of consultation with the industry during legislative process
The Taxation Committee is currently working on a letter to the Minister of Revenue to express concerns on the increased use of Supplementary Order Papers to implement tax change and to encourage a higher level of consultation with the industry during the legislative process. Please contact us if you would like to be involved.

RBNZ and Insurance
RBNZ have three insurance documents planned for publication next week:

1. A feedback statement on the “structure and IFRS 17” solvency standards review consultation undertaken over summer
2. A feedback statement on the “Scope of the Act and Overseas Insurers” IPSA review consultation undertaken over summer
3. A new IPSA review consultation paper on “Policyholder Security”