Several reviews were held in 2017 and 2018 which examined the conduct of New Zealand's financial institutions. These included reviews by the International Monetary Fund, the Financial Markets Authority (FMA), the Ministry of Business, Innovation and Employment, and the Reserve Bank. These reviews identified significant weaknesses in the conduct and culture of institutions in New Zealand's financial sector. If these risks were left unaddressed, it would result in significant harm to consumers, and, therefore, also damage confidence in New Zealand's financial services. 