New Zealand's Council of Financial Regulators approves revised operating model prioritising horizon scanning and targeted taskforces

New Zealand's Council of Financial Regulators (CoFR) published its December 2025 quarterly statement confirming approval of a revised operating model that shifts CoFR to a leaner, more strategic and system-focused approach to system-wide risks and opportunities. The new model prioritises horizon scanning, introduces targeted taskforces and streamlines engagement. The council also considered the Finance and Expenditure Committee’s report on banking competition and the Government’s response, and discussed implementation steps including an expected 2026 work programme. The 2 December meeting was chaired by Financial Markets Authority Chief Executive Samantha Barrass and included leadership changes, with Dr Anna Breman joining as Reserve Bank of New Zealand Governor and CoFR co-chair and Raj Krishnan as Acting Chief Executive of the Commerce Commission; outgoing Commerce Commission Chief Executive Adrienne Meikle was farewelled and Christian Hawkesby’s contribution during the CoFR review was recognised. The next CoFR meeting is scheduled for Q1 2026, with the co-chairs to meet beforehand to monitor and oversee emerging regulatory risks and opportunities.