New Zealand's Council of Financial Regulators (CoFR) has issued a formal statement responding to a self-commissioned independent review by Sapere and confirmed that CoFR Heads have agreed to develop a new operating model that incorporates elements of Sapere’s proposed selective engagement and taskforce models. The review found CoFR has a strong foundation of trust and collaboration and recognised its role in supporting New Zealanders through the financial impacts of the pandemic, but also identified areas where CoFR’s focus had become blurred and where its structures had not kept pace with emerging challenges. Sapere’s work drew on more than 35 stakeholder interviews, desk-based research and facilitated workshops. Further information on the new operating model is due to be published alongside CoFR’s quarterly update in early December.
Council of Financial Regulators (CoFR) 2025-11-03
New Zealand's Council of Financial Regulators to develop new operating model after Sapere independent review
New Zealand's Council of Financial Regulators (CoFR) will develop a new operating model incorporating elements from an independent review by Sapere, which highlighted CoFR's strong foundation but noted areas needing clearer focus and updated structures. Details on the new model will be released with CoFR's quarterly update in early December.