Update from the Director General of Health: 19 August 2021, 2pm
The Director General of Health has declared that registered banks and licensed non-bank deposit taking entities carrying out critical financial services may operate as a Level 4 Business or Service. View the Gazette notice.
19 August 2021, 11am
Following the government announcement New Zealand is now at Alert Level 4.
Financial services are currently not included as ‘Alert level 4 businesses or services’ in the Public Health Response (Alert Level Requirements) Order (No 9) 2021.
Firms are still able to go on-site to maintain critical systems / infrastructures which cannot be completed remotely. This is covered under clause 18 (2) of the Order.
There is also a provision to operate: “Businesses or services necessary to maintain other Alert Level 4 businesses or services” (Schedule 2, number 29). This includes back-office functions, Treasury, payment, settlement, and registry functions, or other similar activities.
However, financial services firms may not currently provide any services face-to-face to the public. In all cases, if employees need to work on site, they should be strictly limited.
The FMA has been working with the RBNZ and MBIE on developing a list of financial services we consider essential to the functioning of New Zealand’s markets. We are working towards having these included in the next round of amendments or receiving a class exemption from the Order. We anticipate what may be considered essential financial services to be narrower than in previous Alert Level 4 scenarios.
We hope to provide more clarity on the role of financial services at Alert Level 4 shortly. If you have any concerns, please get in touch.
