Financial Markets Conduct (Conduct of Financial Institutions – Australia and New Zealand Banking Group Limited) Exemption Notice 2025

The Financial Markets Conduct (Conduct of Financial Institutions – Australia and New Zealand Banking Group Limited) Exemption Notice 2025 (Notice) relates to two independent and discrete activities undertaken by Australia and New Zealand Banking Group Limited (ANZBGL).  ANZBGL is party to a funding arrangement (Funding Arrangement) with its registered bank subsidiary ANZ Bank New Zealand Limited (ANZNZ) under which ANZBGL acquires and holds consumer credit contracts originated by ANZNZ (relevant contracts).  ANZBGL provides cross-border services from outside New Zealand to certain consumers in New Zealand (Cross-border Services).  This is limited to existing customers of ANZBGL who have moved to New Zealand, consumers intending to move overseas, and consumers who approach ANZBGL for services that relate to activities the consumer carries on overseas (exempt customers).

The Notice exempts ANZBGL from:

• the requirement to be licensed as a financial institution; and
• the requirements in subpart 6A of Part 6 of the Financial Markets Conduct Act 2013 (subpart 6A) in respect of:
  • being a creditor under a relevant contract; and
  • the provision of a relevant service or an associated product to an exempt customer.

The broad effect of the exemptions is that ANZBGL does not have to be licensed or comply with requirements designed to ensure that financial institutions treat consumers fairly in respect of the Funding Arrangement or the Cross-border Services.

The exemptions for the Funding Arrangement are subject to conditions that are directed at ANZBGL ensuring that ANZNZ will be licensed as a financial institution, comply with all requirements of subpart 6A in relation to the relevant contracts, and have external dispute resolution mechanisms in place, as if ANZNZ remained the creditor under those contracts.  

The exemptions for the Cross-border Services require ANZBGL to be licensed to carry on banking business in its home jurisdiction of Australia, and licensed, authorised or otherwise permitted to carry on banking business or to provide the relevant services in any other jurisdiction from which it provides the services.  Conditions prevent ANZBGL distributing advertisements that target New Zealand consumers (other than in very limited circumstances with appropriate disclosures included) and require it to give customers information (through terms and conditions or otherwise) directed at making it clear, in relation to services that are designed to be provided to consumers, that the provision of the services, and any disputes, will be governed by the laws of Australia or other overseas jurisdiction the services are provided from.

The key reasons for granting the exemptions are set out in the Statement of Reasons in the Notice. 

Download Financial Markets Conduct (Conduct of Financial Institutions – Australia and New Zealand Banking Group Limited) Exemption Notice 2025