New Zealand's Council of Financial Regulators (CoFR) has published a formal statement responding to a self-commissioned independent review by Sapere, accepting the review as a catalyst for change and committing to redesign how CoFR operates. The review found CoFR has a strong foundation of trust and collaboration, and acknowledged its role in supporting New Zealanders through the financial impacts of the pandemic. It also identified that CoFR’s focus had become blurred and that 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. CoFR Heads have agreed to develop a new operating model incorporating aspects of Sapere’s proposed selective engagement and taskforce models, with further information 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 agrees to develop a new operating model following Sapere independent review
New Zealand's Council of Financial Regulators (CoFR) has accepted an independent review by Sapere as a catalyst for change, committing to redesign its operations with a new model incorporating selective engagement and taskforce elements, to be detailed in December. The review highlighted CoFR's strong foundation but noted a blurred focus and outdated structures.