Insurers next for regulatory scrutiny

The Financial Markets Authority and Reserve Bank are scrutinising the industry in response to the Australian Royal Commission.

They have already asked for information from banks and are now turning to insurers.

A meeting has already been held with the Financial Services Council.

In a letter to insurers, the two regulators said they had reiterated to the FSC that the nature and extent of the issues within financial services in Australia and the obvious cross-over in terms of entities, people and practices into New Zealand demanded a strong response from the industry here, and from the regulators.