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Financial services are constantly evolving, with regulatory updates, product changes and new technology reshaping the landscape each year.
While there are always multiple developments underway, two recent shifts have caught our attention because they may not yet be widely understood. These changes have been building over the past year, and 2026 is the point at which many customers are starting to see the practical effects.
These relate to general insurance pricing and the introduction of regulated open banking.
A Shift in General Insurance Pricing
As covered in our Spotlight article, most major general insurers - those providing house, contents, car and landlord policies - have now removed traditional multi-policy discounts.
The Financial Markets Authority (FMA) has, over the past few years, increased its focus on conduct and ensuring customers receive the benefits and pricing outcomes they are promised. That regulatory attention has prompted insurers to review discount structures and simplify how pricing is applied.
This change reflects wider industry efforts to simplify pricing structures and respond to increased expectations around transparency and consistency.
Consumer NZ has also noted that complex discount systems can create confusion, particularly where eligibility criteria are not consistently reflected in renewal documentation.
It’s important to note that this relates to general insurance policies rather than health or life insurance products.
Open Banking Moves from Concept to Reality
At the same time, regulated open banking has officially launched in New Zealand under the Customer and Product Data Act 2025.
The major banks are now required to provide secure, consent-based data access to accredited providers. This marks a significant shift from earlier, less formal methods of data sharing.
MBIE has stated that the framework is designed to give customers greater control over how their financial data is used, while encouraging innovation and competition in financial services.
Industry infrastructure providers, including Akahu, have described the change as a move toward secure, permission-based data sharing - replacing older methods that relied on password access.
While not everyone will use open banking tools immediately, it is likely that more financial apps and services will begin operating within this framework.
Over time, Members may begin to see more services asking for consent to access banking data through accredited systems.
A Broader Theme: Transparency and Control
Although general insurance pricing changes and open banking may seem unrelated, they reflect a common theme.
Across financial services, there is increasing focus on clearer pricing, stronger conduct standards and giving customers greater control over how their information and products are managed.
For customers, this means more visibility but also the importance of understanding cover, costs and permissions.
Why We’re Highlighting These Now
Whilst neither of these developments may require any immediate action. They are unfolding at a time when many households remain focused on managing costs.
Insurance premiums, mortgage payments and everyday expenses have all been under pressure in recent years.
By bringing these changes to your attention now, hopefully helps ensure that when you encounter them whether at insurance renewal or when exploring new digital tools you do so with context and confidence.
What to Watch For
Staying informed, reviewing your cover and costs regularly, and being confident about how your information is used are practical steps that support long-term financial resilience. If you encounter these changes, consider:
- Reviewing general insurance renewals carefully rather than auto-renewing
- Asking questions if discount structures are unclear
- Confirming any service requesting banking access is accredited
- Understanding exactly what permissions you are granting
Final Thought from Us
Financial services will continually evolve, particularly as regulation and technology intersect. We will continue to keep you informed about any changes that may impact your current financial situation as we continue to support your financial goals and wellbeing.
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