There have been several recent reviews into the conduct of financial institutions, including the 2018 royal commission into financial services and the reviews into banks and life insurers in New Zealand undertaken by the Financial Markets Authority (FMA) and the Reserve Bank. These reviews showed that there are extensive weaknesses in the conduct and culture of institutions in New Zealand's financial sectors, particularly in respect of governance and management of conduct risks and lack of focus on outcomes for customers. The reviews also highlighted a gap in New Zealand's regulatory settings, in that there is currently no explicit legislative mandate for the regulation of the general conduct of financial institutions. 