By Benjamin Liu of
Photo: VNP / Daniela Maoate-Cox
Analysis: Most of us would agree that fairness is a good guiding principle in life.
Actually defining and applying it in the law, however, isn't quite so simple.
Since last March, New Zealand's financial sector - including banks, insurers and credit unions - has been governed by the Conduct of Financial Institutions regime.
At its centre sits a principle that "financial institutions must treat consumers fairly".
Under the Financial Markets Conduct Act 2013 (and amendments made in 2022), the regime is administered and enforced by the Financial Markets Authority.
Each financial institution must establish, maintain and publish a fair-conduct programme that satisfies a set of statutory minimum requirements.
These prescribe internal systems, controls, monit
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