How are financial institutions ensuring compliance with CoFI?

The aim of CoFI is to ensure that financial institutions and their intermediaries treat consumers fairly. To comply with CoFI, banks and insurers in New Zealand must focus on good customer outcomes and have systems and controls in place to identify, manage, and remedy conduct issues.

It is critical that consumers get the financial products and services they need and are protected from behavior that could create vulnerability. The FMA makes it clear: “Firms will be held to account by the FMA for the way they sell products and look after their customers.”

For FAPs to meet CoFI requirements, training and knowledge must stay current, constant and be recorded in a way that meets or exceeds FMA requirements.

TeamsPlus stands out with its innovative solution for professional development, as well as recording competencies and compliance in regulated industries. TeamsPlus is specifically designed to ensure training and support continues to evolve with the changing requirements of the industry.

If your company wants to cut the costs of compliance and ease pain points associated with CoFI, please reach out with this link.