Worker exploitation: Ignorance is no longer a defence
Modern slavery is out in the open and benefits businesses says Tania Donaldson, Manager of Employment System Guidance & Engagement (MBIE).
Reforms aimed at improving the conduct of financial institutions and their intermediaries in providing services and products to consumers are included in the Financial Markets (Conduct of Institutions) Amendment Bill. This introduces a licencing regime for banks, insurers and non-bank deposit takers and includes requirements for:
The Ministry of Business, Innovation and Employment (MBIE) has published two discussion documents for consultation on the new conduct of financial institutions regime. MBIE has indicated that the Bill should be passed by the end of the year, with regulations finalised in 2022, and the regime coming into force in 2023.
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