Finance and Expenditure Select Committee

The New Zealand Bankers’ Association (NZBA) today welcomed the Financial Markets Authority’s (FMA) release of ‘A guide to the FMA’s view of conduct’.
“Good conduct and trust form a vital part of banks’ relationships with their customers. New Zealand banks work hard to ensure their customers’ interests are considered first when providing financial advice, so that customers are able to make confident and informed decisions,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“New Zealand banking leaders ‘live’ their organisation’s core values. This contributes to a positive work culture and environment, and underpins the high service standards banks deliver to customers.”
“The banking industry is committed to demonstrating good conduct and working collaboratively with regulators to ensure we achieve the best outcomes for our banking customers and for New Zealand as a whole,” Scott-Howman added.

Ministry of Business, Innovation and Employment

The New Zealand Bankers’ Association (NZBA) today welcomed the Ministry of Business, Innovation and Employment’s (MBIE) recommendations to the Minister of Commerce and Consumer Affairs on changes to the Financial Advisers Act 2008 (FAA) and Financial Services Providers Act 2008 (FSPA).
“Banks support good quality regulation that improves consumer understanding of financial advice and the conduct and competence of financial advisers,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“Banks play an important role in providing reliable and trusted financial advice, so that our customers are able to make confident and informed decisions.”
“The recommendations are comprehensive and align with banks’ priorities in ensuring our financial advice is fit for purpose and puts the customer’s interests first.”
In particular, NZBA supports the forward-looking recommendations that enable robo-advice, which will help promote innovation and consumer accessibility to financial advice into the future.
“The industry has appreciated the opportunity to engage with MBIE throughout the review and looks forward to further collaboration to implement the proposed changes,” ScottHowman added.

The New Zealand Bankers’ Association today welcomed law firm Minter Ellison Rudd Watts as its latest affiliate member.
“We are delighted to have Minter Ellison Rudd Watts, one of New Zealand’s premier and most established law firms, join us as an affiliate member,” said New Zealand Bankers’ Association Chief Executive Karen Scott-Howman.
“Affiliate members provide valued services to the banking sector, and this affirms the commitment of Minter Ellison Rudd Watts to continue as an active contributor to the industry.”
Minter Ellison Rudd Watts partner Kate Lane said, “Minter Ellison Rudd Watts has worked with NZBA and its members over many years, and we are pleased to formalise this relationship as an affiliate member.”
“We look forward to working closely with NZBA as it continues its efforts to foster a strong and stable banking system that benefits New Zealanders and the New Zealand economy.”

Established in 1891, the New Zealand Bankers’ Association provides a forum for its 15 members to work together on non-competitive industry issues. The Association now has eight affiliate members from complementary organisations involved with the banking industry