FMA Director of Banking and Insurance Conduct Clare Bolingford discusses the incoming Conduct of Financial Institutions (CoFI) regime, which will require New Zealand's retail banks, insurers and non-bank deposit takers to treat customers fairly at all stages of the relationship.

Here she outlines the key changes CoFI will bring about, what treating customers ‘fairly’ means in practice, and what firms can do now to prepare before CoFI comes into effect in 2025.