KPMG baffled by National's COFI repeal pledge

The new bank conduct regime is a chance to help protect customers and do business better, says KPMG. (Image: Getty)

Wed, 27 Sep 2023

Accounting firm KPMG is counselling financial institutions that it’s a “risky strategy” to delay compliance with the Conduct of Financial Institutions Act in the hope that a National-led government will repeal it.The COFI Act has become an unexpected target of National’s desire to strip back regulatory costs, with its commerce spokesman Andrew Bayly saying he had been lobbied from within the financial services industry not to proceed with it.The repeal pledge, which KPMG calls a “spanner in the works” in...

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