1: Title
This Act is the Support Workers (Pay Equity) Settlements Amendment Act 2022.
2: Commencement
This Act comes into force on 1 July 2022.
3: Principal Act
This Act amends the Support Workers (Pay Equity) Settlements Act 2017 2022-07-01 Support Workers (Pay Equity) Settlements Act 2017
4: Section 3 amended (Purpose)
After section 3(1)(b)
c: to set minimum hourly wage rates for work performed by support workers after the expiry of those agreements.
5: Section 4 amended (Overview)
In section 4(b) 30 June 2022 31 December 2023
6: Section 21 amended (Repeal of this Act)
In section 21(1) 1 July 2022 1 January 2024
7: Schedule 1 amended
In Schedule 1, repeal clauses 2 3
8: Schedule 2 amended
1: In Schedule 2, clauses 1(1) 2 table tables
2: In Schedule 2, clause 1(1) The following table is small in size and has 2 columns. Column 1 is headed Worker’s length of service with employer. Column 2 is headed 1 July 2022 to 31 December 2023. Worker’s length of service with employer 1 July 2022 to 31 December 2023 Less than 3 years $22.49 3 years or more but less than 8 years $24.06 8 years or more but less than 12 years $26.16 12 years or more, if subclause (2) applies $27.20 12 years or more, if subclause (2) does not apply $28.25
3: In Schedule 2, clause 2 The following table is small in size and has 2 columns. Column 1 is headed Worker’s level of qualification. Column 2 is headed 1 July 2022 to 31 December 2023. Worker’s level of qualification 1 July 2022 to 31 December 2023 No relevant qualification $22.49 Level 2 qualification $24.06 Level 3 qualification $26.16 Level 4 qualification $28.25


1: Title
This Act is the Imprest Supply (First for 2022/23) Act 2022.
2: Commencement
This Act comes into force on 1 July 2022.
3: Repeal of this Act
This Act is repealed when the main Appropriation Act for the 2022/23 year comes into force. 2022-09-22 Imprest Supply (First for 2022/23) Act 2022 This Act is repealed. The Appropriation (2022/23 Estimates) Act 2022 (2022 No 47) was assented on 21 September 2022 and came into force the day after the date it was assented. (Doreen 21/09/22)
4: Purposes
The purposes of this Act are—
a: to authorise expenses and capital expenditure to be incurred by the Crown and Offices of Parliament during the 2022/23 year in advance of appropriation in an Appropriation Act; and
b: to authorise capital injections to be made to departments and Offices of Parliament during the 2022/23 year in advance of authorisation under an Appropriation Act.
5: Interpretation
1: In this Act, unless the context otherwise requires,— 2022/23 year capital expenditure section 2(1) department section 2(1) expenses section 2(1)
a: capital expenditure incurred by an intelligence and security department; and
b: non-departmental capital expenditure incurred in advance of a multi-category appropriation.
2: Terms or expressions used and not defined in this Act but defined in the Public Finance Act 1989
6: Authority to incur expenses
1: Expenses may, during the 2022/23 year, be incurred in advance of appropriation in relation to any Vote.
2: Expenses incurred under subsection (1) must not exceed in the aggregate the sum of $30,000 million.
7: Authority to incur capital expenditure
1: Capital expenditure may, during the 2022/23 year, be incurred in advance of appropriation in relation to any Vote.
2: Capital expenditure incurred under subsection (1) must not exceed in the aggregate the sum of $9,000 million.
8: Authority to make capital injections
1: Capital injections may, during the 2022/23 year, be made to any department or Office of Parliament in advance of authorisation under an Appropriation Act.
2: Capital injections made under subsection (1) must not exceed in the aggregate the sum of $1,000 million.


1: Title
This Act is the Commerce (Grocery Sector Covenants) Amendment Act 2022.
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: Principal Act
This Act amends the Commerce Act 1986 2022-06-30 Commerce Act 1986
1: Amendment to Part 2 of Act (which relates to restrictive trade practices)
4: New sections 28A to 28D inserted
After section 28
28A: Certain grocery-related covenants are treated as prohibited and unenforceable
1: A covenant to which this section applies must be treated, for the purpose of section 27 or 28
2: This section applies to any of the following in which a designated grocery retailer has an interest:
a: a restrictive or positive covenant that has the purpose, or has or is likely to have the effect, of impeding the development or use of land or a site as—
i: a retail grocery store; or
ii: any other retail store that is likely to compete with a retail grocery store operated by the designated grocery retailer:
b: a restrictive or positive covenant, and the provisions of any other contracts, arrangements, understandings, or covenants, if—
i: the restrictive or positive covenant has 1 or more of the same parties as the contract, arrangement, understanding, or covenant; and
ii: taken together, the restrictive or positive covenant and the provisions have the purpose, or have or are likely to have the effect, of impeding the development or use of land or a site as—
A: a retail grocery store; or
B: any other retail store that is likely to compete with a retail grocery store operated by the designated grocery retailer:
c: an exclusivity covenant or other provision in a lease that has the purpose, or has or is likely to have the effect, of impeding another person from operating—
i: a retail grocery store; or
ii: any other retail store that is likely to compete with a retail grocery store operated by the designated grocery retailer:
d: an exclusivity covenant or other provision in a lease, and the provisions of any other contracts, arrangements, understandings, or covenants, if—
i: the lease has 1 or more of the same parties as the contract, arrangement, understanding, or covenant; and
ii: taken together, the exclusivity covenant or other provision in the lease and the provisions have the purpose, or have or are likely to have the effect, of impeding another person from operating—
A: a retail grocery store; or
B: any other retail store that is likely to compete with a retail grocery store operated by the designated grocery retailer.
3: However, this section does not apply to—
a: a covenant that is reasonably necessary for environmental impact reasons connected with a retail fuel site within the meaning of the Fuel Industry Act 2020
b: a covenant in respect of which the Commission has granted an authorisation under section 58 section 65A
4: In this section, unless the context otherwise requires,— covenant designated grocery retailer
a: Foodstuffs North Island Limited, Foodstuffs South Island Limited, and Woolworths New Zealand Limited:
b: a person that is designated as a designated grocery retailer by the Governor-General by Order in Council made under section 28C
c: a person that is a successor to a person referred to in paragraph (a):
d: a person that is a franchisee, or a transacting shareholder (within the meaning of the Co-operative Companies Act 1996
e: a person that is an interconnected body corporate or associated person (within the meaning of section 47 exclusivity covenant grocery product retail grocery store
5: A designated grocery retailer has an interest
a: if the person is or was a party to the covenant; or
b: if the person is or was a party to any contract, arrangement, or understanding that resulted in the giving of the covenant or to the inclusion of the covenant in a lease; or
c: if the person required, or is deemed by section 28(6)
d: if the person gives effect to, carries out, or enforces the terms or provisions of the covenant; or
e: if the person takes any action described in section 28(5)
6: Subsection (1) does not limit any other provision of this Part.
7: If this section applies, the reference in section 61(6)
28B: Process for voluntary removal of grocery-related covenant from register of land
1: This section applies if—
a: a designated grocery retailer is satisfied that they have an interest in a covenant—
i: to which section 28A
ii: that is noted on the record of title created under section 12 of the Land Transfer Act 2017
b: as at the commencement date, the designated grocery retailer would, if not for Part 2 section 301 or 307B of the Property Law Act 2007
2: The designated grocery retailer may—
a: revoke the covenant; or
b: modify the covenant so that section 28A
3: The revocation or modification must be effected using the process for the notation of covenants set out in section 116 of the Land Transfer Act 2017
4: However, despite section 116(5) of the Land Transfer Act 2017
5: This section is repealed on the second anniversary of the commencement date.
6: In this section,— burdened land benefited land Part 2 commencement date designated grocery retailer section 28A has an interest section 28A
28C: Process for designations for purpose of section 28A
1: The Governor-General may, on the recommendation of the Minister, make an Order in Council designating a person as a designated grocery retailer for the purpose of section 28A
2: The Minister may recommend to the Governor-General that a person be designated as a designated grocery retailer only after receiving a recommendation from the Commission.
3: The Commission may recommend to the Minister that a person be designated as a designated grocery retailer only—
a: after consulting the person about the proposed designation (including the Commission’s reasons for proposing to recommend the designation); and
b: if the Commission has taken into account the following criteria:
i: whether the person carries on, or is likely to carry on, a business of supplying all or a majority of categories of grocery products to consumers; and
ii: whether designation of the person as a designated grocery retailer would be likely to promote competitive neutrality (that is, a level playing field) or to otherwise promote competition, having regard to the extent to which the person supplies, or is likely to supply, groceries in competition with 1 or more designated grocery retailers.
4: The Commission’s recommendation must advise the Minister whether the Commission considers that those criteria are met.
5: In deciding whether to make a recommendation, the Minister may do any of the following:
a: accept the Commission’s recommendation if the Minister is satisfied that those criteria are met:
b: reject the Commission’s recommendation:
c: request that the Commission reconsider any matter (such as an error, an oversight, or competing policy interests):
d: make any other decision that the Minister considers is in the public interest.
6: The Commission must make the recommendation publicly available as soon as practicable after making it, including a statement of its reasons for making the recommendation.
7: An order made under this section is secondary legislation ( see Part 3 of the Legislation Act 2019 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act.
28D: Commission may require designated grocery retailer to supply information about contract, etc, to which section 28A may apply
1: For the purpose of assessing compliance with the provisions listed in subsection (2), the Commission may, by written notice, require a designated grocery retailer to—
a: supply to the Commission information relating to any contract, arrangement, understanding, or covenant (including any process relating to the negotiation or renegotiation of that contract, arrangement, understanding, or covenant)—
i: to which section 28A
ii: that contains a provision to which section 28A
b: supply that information within the time and in the manner specified in the notice.
2: The provisions are—
a: sections 27, 28, 28A, 36, and 47
b: sections 7, 8, 23, and 26B of the Fair Trading Act 1986
3: Part 7 section 98
4: This section does not limit any of the Commission’s other functions, duties, or powers under this Act or any other legislation.
5: In this section, designated grocery retailer section 28A
2: Transitional and savings provisions
5: Schedule 1AA amended
In Schedule 1AA
a: insert the Part set out in the Schedule
b: make all necessary consequential amendments.


1: Title
This Act is the Financial Markets (Conduct of Institutions) Amendment Act 2022.
2: Commencement
1: Sections 21 22
2: The rest of this Act comes into force on a date or dates to be appointed by the Governor-General by Order in Council, and 1 or more Orders in Council may be made appointing different dates for different provisions and for different purposes.
3: However, any provision that has not earlier been brought into force comes into force on the third anniversary of the date of Royal assent.
4: An Order in Council made under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 2(2) brought into force 31 March 2025 clause 2(2) Financial Markets (Conduct of Institutions) Amendment Act 2022 Commencement Order 2023 Section 2(2) brought into force 25 July 2023 clause 2(1) Financial Markets (Conduct of Institutions) Amendment Act 2022 Commencement Order 2023
1: Amendments to Financial Markets Conduct Act 2013
3: Principal Act
This Part amends the Financial Markets Conduct Act 2013 2022-06-30 Financial Markets Conduct Act 2013 Section 21 and 22 only (see s 2(1)) OIC SL 2023/122 2023-07-25 Financial Markets Conduct Act 2013 Section 23 only OIC SL 2023/122 2025-03-31 Financial Markets Conduct Act 2013 Remaining provisions brought into force
4: Section 5 amended (Overview)
After section 5(1)(f)(iii)
iiia: providing for financial institutions to treat consumers fairly, including by requiring those institutions to establish, implement, maintain, and comply with effective fair conduct programmes:
5: Section 6 amended (Interpretation)
1: In section 6(1) market service
ca: acting as a financial institution:
2: In section 6(1) fair conduct principle section 446C fair conduct programme subpart 6A of Part 6 financial institution section 446E intermediary subpart 6A of Part 6 section 446Q licensed NBDT section 4(1) of the Non-bank Deposit Takers Act 2013 Lloyd’s Lloyd’s managing agent Lloyd’s underwriter section 204 of the Insurance (Prudential Supervision) Act 2010
3: In section 6(1) retail client retail client
a: in relation to a financial advice service or a client money or property service, has the meaning set out in clause 3 of Schedule 5
b: in subpart 6A of Part 6 section 446P
6: Section 386 amended (Overview)
After section 386(1)(f)
fa: subpart 6A
7: Section 387 amended (Territorial scope for licensing and other regulation of certain market services)
After section 387(1)
1A: For the service of acting as a financial institution, see
a: section 446B subpart 6A
b: section 446E
8: Section 388 amended (When provider of market services needs to be licensed)
After section 388(c)
ca: acting as a financial institution ( see subpart 6A
9: Section 389 amended (Exemptions from need for market services licence)
After section 389(3) Exemptions for service of acting as financial institution
4: A person is exempt from the licensing requirement under section 388(ca)
a: the person acts as a Lloyd’s underwriter; or
b: the service is a prescribed exempt service. Regulations may prescribe terms and conditions of exemption
5: The exemptions in subsections (2)(b), (3)(b), and (4)(a) and (b) are subject to the prescribed terms and conditions (if any).
6: See section 449A
10: Section 403 amended (When FMA may impose permitted conditions)
After section 403(4)(d)
e: if P may be an intermediary in relation to the provision of any relevant service or associated product to consumers (as those terms are defined in subpart 6A
11: New section 409A inserted (Restriction on suspending or cancelling licence to act as financial institution)
After section 409
409A: Restriction on suspending or cancelling licence to act as financial institution
1: The FMA must not suspend or cancel a licence that covers the service of acting as a financial institution unless the Reserve Bank has given its consent.
2: The Reserve Bank may withhold its consent only if the Reserve Bank is satisfied,—
a: in a case where the licensee is a registered bank or a licensed NBDT, that withholding the consent is necessary for maintaining a sound and efficient financial system:
b: in a case where the licensee is a licensed insurer, that withholding the consent is necessary for maintaining a sound and efficient insurance sector.
3: This section does not prevent the FMA from exercising a power under section 403 or 414(2)
12: New subpart 6A of Part 6 inserted
After section 446
6A: Regulating conduct of financial institutions
446A: Overview
1: This subpart provides for financial institutions to treat consumers fairly by—
a: requiring financial institutions to establish, implement, and maintain an effective fair conduct programme; and
b: requiring financial institutions to comply with the programme; and
c: requiring financial institutions and intermediaries to comply with regulations that regulate incentives.
2: Subsection (1) is only a guide to the general scheme and effect of this subpart.
446B: Territorial scope of subpart
1: This subpart applies to the provision of a financial institution’s relevant services or associated products to consumers in New Zealand.
2: For the purposes of subsection (1), a relevant service or an associated product is provided to consumers in New Zealand if a consumer in New Zealand receives the service or product, unless the financial institution demonstrates that it has taken all reasonable steps to ensure that consumers in New Zealand may not receive the service or product. Fair conduct principle
446C: What is the fair conduct principle
1: The fair conduct principle
2: The requirement to treat consumers fairly includes—
a: paying due regard to consumers’ interests; and
b: acting ethically, transparently, and in good faith; and
c: assisting consumers to make informed decisions; and
d: ensuring that the relevant services and associated products that the financial institution provides are likely to meet the requirements and objectives of likely consumers (when viewed as a group); and
e: not subjecting consumers to unfair pressure or tactics or undue influence.
3: Subsection (2) does not limit subsection (1).
446D: When fair conduct principle applies
1: The fair conduct principle applies when a financial institution—
a: is designing any relevant service or any associated product; or
b: offers to provide any relevant service or any associated product to a consumer; or
c: provides any relevant service or any associated product to a consumer; or
d: has any dealings or interactions with a consumer in connection with any relevant service or any associated product (for example, responding to a complaint or handling a claim under an insurance contract).
2: The fair conduct principle also applies to a financial institution when an intermediary is involved in the provision of any of the financial institution’s relevant services or associated products to a consumer.
3: Subsection (1)(a) applies only to the extent that the relevant service or associated product will be provided to consumers. Key definitions
446E: Meaning of financial institution
In this Act, a person is a financial institution
a: is a registered bank, a licensed insurer, or a licensed NBDT; and
b: is in the business of providing 1 or more relevant services.
446F: Meaning of relevant service and associated product
1: In this subpart, relevant service
a: means any of the following:
i: acting as an insurer:
ii: being a creditor under a consumer credit contract:
iii: any financial service referred to in section 5(1)(a), (ab), (d), (f) to (ia), (ib)(i) to (v), or (ic) to (l) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008
iv: acting as an intermediary for any services referred to in subparagraphs (i) to (iii); but
b: does not include a service of a class excluded by the regulations (but those regulations may not exclude the services referred to in paragraph (a)(i) and (ii)).
2: A product is an associated product Example
A company ( A
3: In this section, a service is a retail service
a: a retail client; or
b: a class of persons where there is at least 1 retail client in that class. Fundamental duties to meet fair conduct principle
446G: Duty to establish, implement, and maintain effective fair conduct programme
1: Every financial institution must establish, implement, and maintain an effective fair conduct programme.
2: The financial institution must—
a: ensure that the programme complies with section 446J
b: otherwise comply with the duty in subsection (1) in the prescribed manner.
3: A fair conduct programme
446H: Duty to make information about fair conduct programme publicly available
1: Every financial institution must ensure that the information about its fair conduct programme that is set out in subsection (2) is—
a: published on an Internet site maintained by, or on behalf of, the financial institution at all reasonable times; and
b: provided to any person who requests the information.
2: The information is—
a: a summary of key matters about the fair conduct programme that is in sufficient detail to assist consumers to—
i: be reasonably aware of how the financial institution will comply with the fair conduct principle; and
ii: make informed decisions about dealings and interactions with the financial institution in relation to the relevant services and associated products that the financial institution provides; and
iii: understand how to make a complaint about those relevant services and associated products; and
b: all other prescribed information about the fair conduct programme.
3: The information must be provided under subsection (1)(b)—
a: as soon as practicable but, in any event, within 5 working days after the financial institution receives the request; and
b: free of charge.
4: The financial institution must otherwise comply with this section in the prescribed manner.
446I: Duty to comply with fair conduct programme
1: Every financial institution must take all reasonable steps to comply with its fair conduct programme.
2: The financial institution must comply with that duty in the prescribed manner (if any).
446J: Minimum requirements for fair conduct programme
1: The fair conduct programme must be in writing and include effective policies, processes, systems, and controls for—
a: enabling the financial institution to meet all of its legal obligations to consumers, including under this Act, the Fair Trading Act 1986 Credit Contracts and Consumer Finance Act 2003 Consumer Guarantees Act 1993 Financial Service Providers (Registration and Dispute Resolution) Act 2008
b: designing, and managing the provision of, the financial institution’s relevant services and associated products to consumers, including by—
i: providing for the methods by which the relevant services and associated products are provided to consumers ( distribution methods Example
A life insurer provides a life insurance product directly through its Internet site ( method 1 method 2
ii: regularly reviewing whether the distribution methods are operating in a manner that is consistent with the fair conduct principle; and
iii: ensuring that any deficiencies identified under subparagraph (ii) are remedied within a reasonable time; and
iv: regularly reviewing the relevant services or associated products that are provided to consumers on an ongoing basis to determine whether they are likely to continue to meet the requirements and objectives of those consumers (when viewed as a group); and
v: regularly reviewing whether enhancements or improvements in the financial institution’s relevant services or associated products should be made available to those consumers (when viewed as a group); and
vi: ensuring that any enhancements or improvements identified under subparagraph (v) are made available within a reasonable time; and
c: identifying, monitoring, and managing risks associated with conduct that fails to comply with the fair conduct principle, including—
i: having clearly defined roles, responsibilities, and accountability arrangements in relation to identifying, monitoring, and managing those risks; and
ii: requiring records to be maintained that are sufficient to allow an assessment to be made of the financial institution’s performance in complying with the fair conduct principle; and
iii: requiring regular and comprehensive reporting about those risks, and about failures to comply with the fair conduct principle, to the board or other governing body of the financial institution; and
d: identifying conduct that fails to comply with the fair conduct principle and taking reasonable steps to mitigate any actual or potential adverse effects of the failure; and
e: requiring the financial institution’s employees and agents to follow the procedures or processes that are necessary or desirable to support the financial institution’s compliance with the fair conduct principle; and
f: requiring initial and regular ongoing training for each of those employees on the following matters to the extent that the training is relevant to their work in providing the financial institution’s relevant services or associated products to consumers:
i: the relevant services or associated products in respect of which the employee carries out work; and
ii: the fair conduct programme and the procedures or processes referred to in paragraph (e) that the employee must follow; and
g: checking that each of those employees has completed that training and has a reasonable understanding of the matters that have been covered by that training; and
h: managing or supervising each of those employees to ensure that they are supporting the financial institution’s compliance with the fair conduct principle, and monitoring whether those persons are giving that support, including by—
i: obtaining reasonable assurance that each employee is competent to carry out the range of work for which they will be, or are, employed (in relation to the financial institution’s relevant services or associated products); and
ii: setting conduct expectations for those persons; and
iii: establishing robust and transparent procedures or processes for dealing with misconduct by those persons; and
iv: monitoring whether consumers have been treated by those persons in a manner that is consistent with the fair conduct principle; and
i: designing and managing incentives to mitigate or avoid the actual or potential adverse effects of incentives on the interests of consumers, so far as is reasonably practicable; and
j: communicating with consumers about the financial institution’s relevant services or associated products in a timely, clear, concise, and effective manner; and
k: ensuring that there are in place methods for regularly reviewing, and systematically identifying deficiencies in, the effectiveness of the programme; and
l: ensuring that any deficiencies identified are promptly remedied; and
m: complying with all requirements prescribed for the purposes of this section.
2: In considering what policies, processes, systems, and controls are effective for the purposes of subsection (1), the financial institution must have regard to the following:
a: the nature, size, and complexity of its business; and
b: the relevant services and associated products it offers; and
c: the methods by which it provides relevant services and associated products to consumers; and
d: the types of consumers it deals with, including consumers in vulnerable circumstances; and
e: the types of intermediaries that are involved in the provision of its relevant services and associated products, including the nature and extent of the following:
i: their involvement; and
ii: their legal obligations in connection with that involvement (for example, under subpart 5A
f: the types of agents that are engaged to carry out work in relation to the financial institution’s relevant services or associated products, including the nature and extent of that work and of the authority of those agents; and
g: any other factors that may be provided for in regulations.
3: Subsection (1)(a) to (l) does not limit what may be prescribed by regulations under section 546(1)(oa)
4: Despite subsection (1), a fair conduct programme—
a: must not impose in relation to an intermediary or agent a requirement of a kind prescribed for the purposes of this paragraph:
b: is not required to impose in relation to an intermediary or agent a requirement of a kind prescribed for the purposes of this paragraph.
5: Section 546(1)(oa) Duties relating to incentives regulations
446K: Financial institution must comply with incentives regulations
Every financial institution must comply with the regulations made under section 546(1)(og) Example
A company ( A A car dealer ( B A must comply with the regulations relating to incentives.
446L: Intermediary must comply with incentives regulations
Every intermediary that offers or gives an incentive to any of its employees or agents or to another intermediary in connection with the provision of a financial institution’s relevant services or associated products must also comply with the regulations made under section 546(1)(og) Example
From the example in section 446K B B must comply with the regulations relating to incentives.
446M: Meaning of incentive
1: In this subpart and section 546 incentive A
a: the commission, benefit, or other incentive is offered or given to A in connection with A (directly or indirectly) being involved in the provision of the service or the products; and
b: A’s entitlement to the commission, benefit, or other incentive, or the nature or value of the commission, benefit, or other incentive, is determined or calculated in any way by reference (directly or indirectly) to the volume or value of the services or products. Examples
Example 1 A person ( A Example 2 A person ( A
2: Subsection (1) applies—
a: regardless of whether A’s entitlement, or the nature or value, is also determined or calculated by reference to 1 or more matters unrelated to the volume or value of the services or products involved: Example
In example 1 in subsection (1), A is only entitled to the bonus if a performance indicator relating to customer satisfaction is also satisfied. This factor does not prevent the bonus from being an incentive.
b: regardless of whether A’s entitlement, or the nature or value, is determined or calculated by reference to a target or other threshold: Example
A financial adviser is paid a commission based on a fixed percentage of premiums paid under insurance contracts arranged by the adviser. The commission is an incentive regardless of the fact that no target is involved.
c: whether A is an intermediary or is an employee or agent of a financial institution or an intermediary.
3: Determining or calculating a matter by reference to the volume or value of the services or products involved includes (without limitation) determining or calculating the matter—
a: by reference to the number of consumers to whom the services or products are provided or the number of contracts entered into (for example, the number of bank accounts opened, the number of credit cards issued, or the number of policies underwritten); or
b: by reference to any amount paid or payable in connection with the services or products (for example, fees, charges, commissions, interest, or premiums); or
c: by reference to any amount related to the services or products (for example, the amount of credit advanced under a consumer credit contract); or
d: by reference to a person’s performance compared to others in relation to the volume or value of the services or products involved; or Example
In example 1 in subsection (1), A’s bonus is $5,000 if A is in the top 20% of sellers (based on the value of the premiums payable).
e: by reference to a person’s performance in a period in relation to the volume or value of the services or products involved compared with their own performance in another period; or
f: by reference to avoiding or preventing something in connection with the volume or value of the services or products involved; or Example
A deals with requests from consumers to cancel insurance contracts. A is paid a bonus for every consumer they convince to not cancel a contract.
g: on a linear basis (that is, on a per service or per product basis). Example
A is paid a 5% commission for each life policy that A arranges. Miscellaneous provisions
446N: FMA must obtain consent of Commerce Commission before commencing certain proceedings
1: The FMA must, before commencing a proceeding under subpart 3 of Part 8
a: the Credit Contracts and Consumer Finance Act 2003
b: the Fair Trading Act 1986
2: However, a failure to obtain consent does not affect any proceedings commenced by the FMA.
446O: Pecuniary penalty order may not be made if failure relates only to certain legal obligations
A pecuniary penalty order may not be made for a contravention, or involvement in a contravention, of section 446I section 446J(1)(a)
446P: Other definitions used in subpart
1: In this subpart and section 546 arrange associated product section 446F(2) consumer
a: the relevant service of acting as an insurer or an associated product, means any of the following:
i: a policyholder under a consumer insurance contract or a contract of insurance that provides for life insurance or health insurance (or both):
ii: any other person who is specified or referred to in a contract of a kind referred to in subparagraph (i), whether by name or otherwise, as a person to whom the benefit of the insurance cover provided by the contract extends:
iii: a person who is offered insurance under a contract of a kind referred to in subparagraph (i):
b: the relevant service of acting as a creditor under a consumer credit contract or an associated product, means either of the following:
i: a debtor under a consumer credit contract:
ii: a person who is offered credit under a consumer credit contract:
c: a relevant service referred to in section 446F(1)(a)(iii)
i: a person who receives the service as a retail client:
ii: a person who is offered the service and who would be a retail client if they received the service:
d: a relevant service of acting as an intermediary for a service referred to in paragraph (a), (b), or (c), means a person who is a consumer under that paragraph consumer credit contract
a: has the same meaning as in section 11 of the Credit Contracts and Consumer Finance Act 2003 sections 12 to 14 and 15(1)(a), (c), and (ca)
b: does not include—
i: a contract referred to in section 15(1)(d)
ii: a lease referred to in section 16 consumer insurance contract
a: means a contract of insurance entered into by a New Zealand policyholder wholly or predominantly for personal, domestic, or household purposes ( see section 446S
b: also includes a contract referred to in subsection (2); but
c: does not include—
i: a contract to the extent that it provides for life insurance or health insurance; or
ii: a contract that is subject to a certificate under section 446T(1) contract of insurance section 7 of the Insurance (Prudential Supervision) Act 2010 creditor section 5 of the Credit Contracts and Consumer Finance Act 2003 health insurance section 5(1) of the Health Practitioners Competence Assurance Act 2003 incentive section 446M insurer
a: carries on insurance business in New Zealand (within the meaning of section 8 of the Insurance (Prudential Supervision) Act 2010
b: enters into any 1 or more of the following with 1 or more New Zealand policyholders:
i: a consumer insurance contract:
ii: a contract of insurance that provides for life insurance or health insurance (or both) involved section 446Q(3) and (4) life insurance section 84(1)(a) to (f) of the Insurance (Prudential Supervision) Act 2010 New Zealand policyholder section 6 of the Insurance (Prudential Supervision) Act 2010 relevant service section 446F retail client
a: has the same meaning as in section 49 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008
b: does not include a person who has given a certificate for the service under section 446T(3)
2: For the purposes of paragraph (b) of the definition of consumer insurance contract
a: it is entered into by the policyholder in order to provide insurance cover for 1 or more other persons, or it is varied or extended in order to provide cover for 1 or more other persons; and
b: those other persons are not parties to the contract; and
c: those other persons have the benefit of that insurance cover wholly or predominantly for personal, domestic, or household purposes. Example
A bank enters into a contract of insurance with an insurer. The bank then offers credit cards to its customers that provide them the benefit of travel insurance cover under that contract. The bank enters into the contract of insurance for commercial purposes. However, the contract is a consumer insurance contract to the extent that its customers have the benefit of the travel insurance cover for their personal purposes.
446Q: Meaning of intermediary
1: In this Act, a person is an intermediary
a: the person is involved in the provision of a relevant service or an associated product to a consumer ( see
b: the person is paid or provided with a commission or other consideration in connection with that involvement; and
c: the commission or consideration is paid or provided, directly or indirectly, by or on behalf of any of the following:
i: the financial institution that provides the service or product:
ii: if the person referred to in paragraphs (a) and (b) is itself a financial institution, any other financial institution or person that provides the service or product: Example
A bank ( A
iii: another person who is an intermediary in relation to the service or products. Examples
Example 1 A bank enters into a master agreement with a company ( A A is an intermediary. Independently of the bank, A arranges with mortgage brokers, including a person ( B B arranges a loan for a consumer and submits the application through A’s processes and the master agreement. The bank pays A a commission for the loan. A deducts a portion of the commission for A’s involvement in arranging the loan and pays the balance of the commission to B. B is also an intermediary. Example 2 A broker arranges contracts of insurance for policyholders. The broker is paid only by the policyholders (and has no arrangement with insurers that directly or indirectly provides for the payments). The broker is not an intermediary.
2: However, a person is not an intermediary
a: an employee of a financial institution; or
b: an employee of an intermediary.
3: In this subpart, a person is involved
a: arranges a contract for the service or for the acquisition of the product:
b: gives regulated financial advice in relation to the product. Example
A person ( W W is involved because W procured the contract. W is an intermediary.
4: However, a person is not involved
a: distributing an advertisement or other promotional material:
b: carrying on a prescribed occupation and acting in relation to the service or product in the ordinary course of carrying on that occupation:
c: carrying out a prescribed activity.
446R: Protection of person who reports contravention or failure to comply
1: This section applies if an employee or an agent ( A
a: reasonably believes that a person has, in relation to a relevant service or an associated product,—
i: contravened a provision of this Act; or
ii: otherwise failed to comply with the fair conduct principle; and
b: reports that belief to the FMA.
2: If A makes the report in good faith,—
a: no civil, criminal, or disciplinary proceedings may be brought against A as a result of A having made the report; and
b: no person may terminate A’s employment or appointment as a result of A having made the report; and
c: no tribunal, body, or authority that has jurisdiction in respect of A’s professional conduct may make an order against, or do any act in relation to, A as a result of A having made the report.
446S: Presumption relating to consumer insurance contract
In any proceedings under this Act in which a party claims that an insurance contract is a consumer insurance contract, it is presumed that the contract is a consumer insurance contract unless the contrary is established.
446T: Effect of certificate from policyholder or client
1: An insurance contract is not a consumer insurance contract if the policyholder ( P
2: Subsection (1) does not apply to a contract referred to in section 446P(2)
3: A person ( P section 446F(1)(a)(iii) section 49(2) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008
4: Subsection (1) or (3) does not apply if the financial institution, or the person who obtains the certificate, knew, or had reason to believe, at the time the certificate was given, that the certificate was false or misleading in a material particular.
5: A certificate is effective only if—
a: the certificate is in a written document that is separate from the insurance contract or the contract for the relevant service; and
b: P confirms that P has read and understood the consequences of giving the certificate (including that P will have fewer protections from unfair conduct).
446U: Revocation of certification
1: A person may revoke a certificate given under section 446T(3)
2: A revocation is effective only in relation to a service provided after it is given.
446V: Application of subpart to Lloyd's underwriters
1: Sections 446G, 446H, 446I, 446J, and 446K
2: However, sections 446G(1), (2)(b), and (3), 446I, and 446K
a: consumer insurance contracts:
b: contracts of insurance that provide for life insurance or health insurance (or both).
3: The following apply for the purposes of subsection (2):
a: the provisions referred to in that subsection (and sections 446C, 446D, and 449(3)(h), (i), and (k)
b: the Lloyd’s managing agent must ensure that—
i: its fair conduct programme is in writing and complies with all requirements prescribed for the purposes of this subparagraph; and
ii: information about its fair conduct programme is made publicly available in the prescribed manner:
c: if the Lloyd’s managing agent contravenes any of sections 446G(1), (2)(b), or (3), 446I, or 446K subpart 3 of Part 8 Guidance note
See section 449 section 485
d: if the Lloyd’s managing agent contravenes or is likely to contravene any of sections 446G(1), (2)(b), or (3), 446I, or 446K see section 468
4: Subsections (2) and (3) apply regardless of where the Lloyd’s managing agent is resident, is incorporated, or carries on business.
446W: Review of subpart and licensing requirement for financial institutions
1: The Minister must—
a: commence a review of the operation and effectiveness of—
i: the licensing requirement under section 388
ii: this subpart; and
b: prepare a report on that review.
2: The review must be commenced before the fifth anniversary of the day on which this subpart comes into force.
3: The Minister must, in carrying out the review,—
a: consider how effectively the licensing requirement and this subpart operate with other legislation and regulatory requirements that apply to financial institutions; and
b: ensure that the people and organisations that the Minister thinks appropriate are consulted.
4: The Minister must present a copy of the report to the House of Representatives as soon as practicable after the report has been completed (but, in any event, before the seventh anniversary of the day on which this subpart comes into force).
13: Section 449 amended (Part 6 services provisions)
1: After section 449(3)(g)
h: sections 446G, 446H, and 446I
i: section 446K
j: section 446L
k: section 446V(3)(b)
2: After section 449(4)(ka)
kb: section 449A
14: New section 449A and cross-heading inserted
After section 449 Requirements relating to exemption for Lloyd’s underwriters
449A: Lloyd’s, Lloyd’s underwriter, or Lloyd’s managing agent must comply with term or condition of licensing exemption for Lloyd’s underwriters
If a term or condition prescribed under section 546(1)(cb)
15: Section 468 amended (When FMA may make direction orders)
In section 468(1)(j) Part 9 or an exemption from a licensing requirement under section 546(1)(c) to (cc)
16: Section 469 amended (Terms of direction orders)
After section 469(2)
3: Subsection (4) applies if the FMA is satisfied that—
a: the relevant person is Lloyd’s or a Lloyd’s underwriter, and that, by engaging in any conduct, the relevant person has contravened, or is likely to contravene, section 449A
b: the relevant person is a Lloyd’s managing agent who, by engaging in any conduct, has contravened, or is likely to contravene,—
i: section 449A
ii: any provision of subpart 6A of Part 6 section 446V
4: A direction order may do any of the following (whether or not in addition to an order under subsection (1)):
a: in the case of a contravention, or likely contravention, by Lloyd’s, prohibit all or any Lloyd’s underwriters from relying on the exemption in section 389(4)(a)
b: in the case of a contravention, or likely contravention, by a Lloyd’s underwriter, prohibit the Lloyd’s underwriter from relying on the exemption in section 389(4)(a)
c: in the case of a contravention, or likely contravention, by a Lloyd’s managing agent who acts for 1 or more Lloyd’s underwriters, prohibit all or any of those Lloyd’s underwriters from relying on the exemption in section 389(4)(a)
17: Section 489 amended (When court may make pecuniary penalty orders)
After section 489(3)(a)
ab: in the circumstances referred to in section 446O
18: Section 498 amended (Terms of other civil liability orders)
In section 498(c) and (e) financial products financial advice products
19: Section 506 replaced (Only 1 pecuniary penalty order may be made for same conduct)
Replace section 506
506: Only 1 pecuniary penalty may be imposed for same conduct
1: This section applies if conduct by a person constitutes a contravention, or the involvement in the contravention, of—
a: 2 or more civil liability provisions; or
b: 1 or more civil liability provisions and 1 or more other pecuniary penalty provisions.
2: Proceedings may be brought against that person for the contravention, or involvement in the contravention, of any 1 or more of the provisions, but no person is liable to more than 1 pecuniary penalty for the same conduct.
3: In this section, a pecuniary penalty provision
4: Subsection (2) is subject to section 446N
20: Section 507 amended (No pecuniary penalty and fine for same conduct)
In section 507 the Fair Trading Act 1986, the Credit Contracts and Consumer Finance Act 2003
21: Section 546 amended (Regulations for purposes of Part 6 (market services))
1: After section 546(1)(ca)
cb: prescribing terms and conditions of the exemption for Lloyd’s underwriters under section 389(4)(a) see section 449A
cc: exempting (on terms and conditions, if any) services from the licensing requirement for providers of the service of acting as a financial institution for the purposes of section 389(4)(b)
2: After section 546(1)(d)(v)
vi: in relation to a licence relating to acting as a financial institution, conditions that prohibit or regulate incentives, or the offer or giving of incentives to any person, in connection with a relevant service or an associated product:
3: Replace section 546(1)(oa) and (ob) Regulating conduct of financial institutions
oa: prescribing requirements for fair conduct programmes, including (without limitation) additional, or more detailed, requirements relating to the matters set out in section 446J(1)(a) to (l)
i: governance and management of conduct and risks associated with that conduct:
ii: monitoring outcomes for consumers, including whether consumers’ interests are being had regard to:
iii: how the services or products are designed and managed:
iv: dealing with consumer complaints:
v: dealing with insurance claims:
vi: communicating with consumers, including particular disclosure requirements and requirements for warnings:
vii: procedures or processes that intermediaries or agents must follow to support the financial institution’s compliance with the fair conduct principle:
viii: the design and management of incentives:
ob: prescribing classes of service for the purposes of section 446F(1)(b)
oc: prescribing matters for the purposes of section 446H
od: prescribing factors for the purposes of section 446J(2)(g)
oe: prescribing requirements for the purposes of section 446J(4)(a) or (b)
of: prescribing matters for the purposes of section 446Q(4)(b) and (c)
og: prohibiting or regulating any incentive, or any practice, activity, or other conduct in connection with offering or giving any incentive to any person, in connection with a relevant service or an associated product, including prescribing the manner in which an incentive may be offered or given:
oh: prescribing classes of contract for the purposes of paragraph (b)(i) of the definition of consumer credit contract in section 446P
oi: prescribing matters for the purposes of section 446V(3)(b) Miscellaneous
oj: prescribing the procedure of the code committee:
ok: prescribing the procedure of the disciplinary committee:
4: In section 546(2) (ca), (cc),
5: In section 546(2) and (o) (o), (ob), (oe), and (of)
6: After section 546(3)
4: The Minister may make a recommendation for regulations under subsection (1)(og) (which relates to prohibiting or regulating incentives) only if the Minister—
a: has had regard to the purposes of this Act and the fair conduct principle; and
b: has had regard to whether the regulations are likely to—
i: appropriately reduce or manage conflicts or potential conflicts between the interests of consumers and the interests of persons who would otherwise be entitled to receive incentives; or
ii: otherwise mitigate or avoid the actual or potential adverse effects of incentives on the interests of consumers; and
c: has had regard to the likely effect of the regulations—
i: on the availability of financial advice and the availability of financial services and financial advice products; and
ii: on the financial services industry generally; and
d: is satisfied that the matters to which the regulations relate are not more appropriately dealt with in an Act.
5: The breach of a term or condition prescribed under subsection (1)(c), (ca), (cb), or (cc) is a breach of section 388
22: Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)
1: In section 550(1)(c) (db), (ea), (eb),
2: In section 550(2)(d) and (ca) (ca), and (cc)
3: Replace section 550(2)(e)
e: section 546(1)(o) and (oe)
4: After section 550(2)(e)
ea: section 546(1)(ob) subpart 6A of Part 6
eb: section 546(1)(of)
23: Schedule 4 amended
1: In Schedule 4, clause 1(1)
g: Part 7 Financial Markets (Conduct of Institutions) Amendment Act 2022
2: In Schedule 4, clause 1(1)
3: In Schedule 4
a: insert the Part set out in Schedule 1
b: make all necessary consequential amendments.
2: Other amendments
1: Amendment to Financial Markets Authority Act 2011
24: Principal Act
This subpart amends the Financial Markets Authority Act 2011 OIC SL 2023/122 2025-03-31 Financial Markets Authority Act 2011 Remaining provisions brought into force
25: Section 4 amended (Interpretation)
In section 4(1) financial markets participant
iiic: a Lloyd’s managing agent (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013
2: Consequential amendments
26: Consequential amendments to other enactments
Amend the enactments specified in Schedule 2 OIC SL 2023/122 2025-03-31 Financial Service Providers (Registration and Dispute Resolution) Act 2008 Reserve Bank of New Zealand Act 2021 Remaining provisions brought into force


1: Title
This Act is the Local Electoral (Advertising) Amendment Act 2022.
2: Commencement
This Act comes into force on 1 July 2022.
3: Principal Act
This Act amends the Local Electoral Act 2001 2022-07-01 Local Electoral Act 2001
4: Section 113 amended (Advertisements for candidates)
1: Replace section 113(2)(b)
b: the advertisement contains a statement setting out the true name and contact details of the person or persons for whom or at whose direction it is published.
2: Replace section 113(4)(b)(i)
i: the true name and contact details of the person or persons for whom or at whose direction it is published; and
3: After section 113(6)
7: In this section, contact details
a: a residential or business address:
b: an email address:
c: a post office box number:
d: a phone number:
e: a link to a page on an Internet site, if the page contains 1 or more of the contact details specified in paragraphs (a) to (d).