The speed with which the Government and regulators responded to the regulatory compliance challenges thrown at New Zealand by the COVID-19 lockdown has been impressive. Nowhere was this more apparent than in the tightly prescribed environment within which financial service providers must operate.
Much of the relief provided in response to the Epidemic Preparedness (COVID-19) Notice 2020 (COVID Notice) was on a short term basis. As yet, there has been no suggestion that any consumer harm has arisen as a result of this increased flexibility and the embracing of modern technology to cater for lockdown and remote working practices. That raises the question – do these emergency responses actually highlight the fact that some of the regulatory red-tape faced by our financial service provider sector is no longer fit for purpose?
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