Payments NZ submission on FMA custody consultation
28 Jul 2026
Payments NZ has made a submission on the Financial Markets Authority's review of regulatory settings for custody of client assets. In our submission, we support the FMA's focus on safeguarding customer funds and assets, while highlighting the importance of developing any future requirements for payment service providers as part of a coordinated payment services regulatory framework.
We consider that clear, proportionate and coordinated regulatory settings can strengthen customer protection, support innovation and competition, and provide greater certainty for participants across New Zealand's payments ecosystem.
Payments NZ welcomes continued collaboration between the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko, Ministry of Business, Innovation and Employment (MBIE) – Hīkina Whakatutuki, Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua and industry as work progresses on payment services regulation and the safeguarding of customer funds.