Gary Hughes worked alongside Michael Heron QC to deliver an entertaining pre-Xmas discussion session for the NZ Insurance Law Association and ICNZ’s Liability Insurance Group.
The two barristers addressed the seminar in Wellington on their core areas of expertise, which includes taking on briefs for or against the major financial and commercial regulators, as the case may require.
The session was kindly hosted by FMG Insurance in their lovely Wellington waterfront office space.
The session provided an update (under the banner “watching the watchdogs”) on the Financial Markets Authority, Commerce Commission, Department of Internal Affairs, and others such as the SFO, Office of the Privacy Commissioner, RBNZ, Overseas Investment Office (Linz) and WorkSafe NZ. As well as being important to all corporates that might come under a conduct spotlight, these regulatory areas are critical to gaining a good understanding of the Liability Insurance market heading into 2020 (especially for Directors & Officers and Statutory Liability covers).
Topics included the current activities and capabilities of the regulators, their enforcement strengths and priority areas, along with diversion into trends being seen with financial conduct and culture concerns, in Australia’s Hayne Royal Commission and NZ’s own smaller FMA/RBNZ Conduct Inquiry.
The slide set has some confidentiality constraints around it, but please contact Gary if you would like to discuss any of these trends or the regulatory agencies that were scrutinised in the presentation.