The efficiency and effectiveness of the NZ regulatory structure in achieving fire safety in commercial, industrial and community buildings is considered. The NZ approach to fire safety regulation is found to be a 'light handed' relative to other similar countries. The results indicate a poor alignment between the incentives to some individual stakeholders and the net community benefit. In particular, the association between fire service levy and the value insured means that the highest cost often falls on those stakeholders with the lowest fire risk. The regulations primarily impact on new building whereas fire risk is inherent in the whole building stock. The Fire Service's objectives may not align with the optimum net economic efficiency for the community as a whole. The practicalities of conducting a cost benefit analysis are considered.