Financial Leaders – FISA is essential to New Zealand

Henry Lynch

TINZ Director: Financial Sector

Financial sector leaders from around New Zealand gathered in Auckland on 5 June 2019 to launch Transparency International New Zealand’s world-leading method for measuring the robustness of New Zealand’s financial systems. Called the Financial Integrity Systems Assessment (FISA), this approach is the first ever review of a country’s financial systems.

Reserve Bank Governor Adrian Orr, Financial Markets Authority CEO Rob Everett and leaders from banks, credit unions, insurance, kiwi-saver providers, regulators, and professional organisations joined Transparency International New Zealand at the event.

In their speeches, they both covered the need for a greater focus on organisational self assessment and reporting along with independent verification, across the financial sector.  These actions reduce the need for regulation – as long as findings are acted on.

Rob Everett highlighted, “The FISA assessment is attempting to cover broader ground and using very different methodology than the RB/FMA Conduct & Culture reviews. Indeed it goes so far as to attempt to assess regulatory oversight mechanisms. The assessment goes beyond customer treatment and the mechanisms within banks and insurers to achieve the best possible outcomes for customers, which is where the Conduct and Culture reviews were primarily targeted.

I … look forward with interest to the results.”  (Rob’s speech notes)

The event was well attended by key stakeholders and the tool, developed with the benefit of considerable consultation and feedback, was received warmly. The audience was focused and attentive. Last week’s ANZ capital inadequacy events certainly gave them more reason to pay attention and brought forth several of the questions from the floor for the speakers.

“Financial Services affect every single New Zealander. It is vital we can trust our financial partners in life. I am heartened and encouraged that so many of our financial organisations want to demonstrate their integrity to New Zealanders through actions, not just words,” says Transparency International New Zealand Chair Suzanne Snively.

Suzanne Snively Chair Transparency International New Zealand at FISA Launch
Rob Everett Financial Markets Authority CEO at FISA Launch
Reserve Bank Governor Adrian Orr at FISA Launch
Financial Integrity System Assessment Launch Audience Auckland 5 June 2019

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