Investors have welcomed recommendations made in a review of the Reserve Bank's handling of failed insurer CBL but remain concerned about the level of disclosure to the market since 2015.

The issue of disclosure is now with the Financial Markets Authority, which along with the Serious Fraud Office is investigating the conduct of CBL Corporation and its directors prior to the failure of subsidiary CBL Insurance last year.

Yesterday the Reserve Bank's senior officials accepted that as prudential regulator it should have acted more forcefully and at an earlier stage, amid a range of concerns about CBL Insurance dating back