The Financial Markets Authority (FMA) and the Commerce Commission have entered into a Memorandum of Understanding that describes how they will work together to regulate fair dealing across financial products and services following the new fair dealing requirements coming into force on 1 April. 

From 1 April, FMA became the prime regulator of misleading and deceptive conduct in relation to financial products and services (other than credit contracts) under the Financial Markets Conduct Act 2013, with the Commerce Commission retaining the right to investigate breaches of the Fair Trading Act 1986 (FTA) in respect of financial products and services, and to take enforcement action, where FMA consents. Prior to 1 April, the Commerce Commission had primary responsibility for this conduct under the FTA.

Further information on the new fair dealing requirements is available on FMA’s website here.