This article reviews how the Reserve Bank’s prudential supervision activities have evolved over the last five years. During this period, three major impacts on prudential supervision have been the global financial crisis (GFC), the collapse of nearly 50 finance companies and the Canterbury earthquakes. The article discusses the implementation of the new prudential regimes for the Non-Bank Deposit Taking (NBDT) and insurance sectors, both of which have been established following the government’s Review of Financial Products and Providers (2006). It also highlights how the GFC in particular has led to a rebalancing in prudential supervision. While self- and market discipline remain key pillars of prudential supervision, there is now greater emphasis on regulatory discipline, including tighter regulatory standards and a more active engagement between the Reserve Bank and the regulated entities.