Review of Council of Financial Regulators: An assessment of form, role, and options

The review of the Council of Financial Regulators (CoFR), by David Moore, Preston Davies, and Dr Jamie O’Hare, assessed its effectiveness in coordinating New Zealand’s financial regulation and identified options to strengthen its focus and value.

Commissioned by CoFR within the scope of the Reserve Bank of New Zealand Act 2021, the review drew on stakeholder interviews and workshops. These found that CoFR has strengthened relationships and trust between agencies, but needs clearer priorities, accountability, and responsiveness to systemic risks.

The report presents two preferred models, both requiring fewer resources than the status quo:

1. Taskforce model: Proactively identify system-wide vulnerabilities and respond through temporary taskforces led by member agencies.
2. Selective engagement model: Coordinate joint action when bilateral arrangements prove insufficient or emerging risks require it, supported by a small secretariat.

Both models replace standing structures with focused, time-bound collaboration. Success depends on shared leadership, clear expectations, and effective implementation.

Read more on the Council of Financial Regulators website.