Age Concern New Zealand welcomed the opportunity to submit feedback on the Financial Markets Authority's draft Fair Outcomes for Consumers and Markets: A guide to outcomes-focused regulation
Overall, Age Concern New Zealand supports the proposed outcomes and approach. We
believe the outcomes identified are reasonable and would meet the expectations of
consumers. Access to, and engagement with, financial services is an important part of older
people’s wellbeing and ageing well in their communities.
We emphasise the importance of accessible information and communication with
consumers.
The issue we see is more with how effective implementation of the Code will be measured or
assessed. Training and a monitoring framework of some form will be needed to ensure the
Code lives up to its aim and intent.
We believe the success of the framework will be shaped by the approach of the Financial
Markets Authority in their work with providers to meet the outcomes. The intent of
establishing fair outcomes for consumers and markets is commendable, but implementation
comes down to multiple providers interacting with a wide range of people, who may be under
pressure at the time.
We would like to see a process developed for consumer and consumer advocate groups to
share their experiences with the Financial Markets Authority after the regulations have been
implemented and providers have started taking steps to meet the outcomes.