Banking Information

Code of Banking Practice

The Code of Banking Practice sets out good banking practices. Members of the New Zealand Bankers' Association agree to observe these practices as a minimum standard to maintain good relationships and communications with their customers.



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Fraud prevention

Customer security is a major priority for banks. New Zealand banks work hard to prevent their customers from becoming victims of any kind of financial crime. We all have an important role to play in protecting ourselves and our money from financial crime.  

Customer security is a major priority for banks. New Zealand banks work hard to prevent their customers from becoming victims of any kind of financial crime. Banks take care to protect bank accounts from misuse and fraud. For example, bank systems can detect unusual spending patterns and prevent attempts by fraudsters to access accounts.
We all have an important role to play in protecting ourselves and our money from financial crime.  Customer security is a major priority for banks. New Zealand banks work hard to prevent their customers from becoming victims of any kind of financial crime. We all have an important role to play in protecting ourselves and our money from financial crime. 


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Priority documents

Member banks of the Association have agreed a number of standard form Deeds and Letters of Priority that can be used where two or three lenders have competing interests in a debtor's land or personal property.



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Financial literacy

Financial literacy is the cornerstone of a healthy and vibrant economy and is strongly supported by the New Zealand banking sector. It helps people make informed choices to improve their financial well-being.



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Payments information

In October 2010 NZBA transferred responsibility for New Zealand’s domestic payment standards and rules to Payments NZ.



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Derivatives

Derivatives are financial contracts between two parties. The return depends on the performance of a specific underlying asset. 



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Leaky unit title escrow scheme

Introduction
NZBA member bank have agreed on a set of conditions (and applicable documents) which they will apply when they are lending to customers who are borrowing to assist with remediation work which is being undertaken at a unit title development because of "weathertightness issues". 
Industry concerns
We understand that some people in the industry were finding that banks were treating the remediation repair issues in the same way that they would treat a construction programme.  That is, releasing funds in parcels as certain targets were hit such as consents being obtained.  The comments from some industry participants were that this method made undertaking large repair projects difficult.  Many reasons were offered but a principal concern was that the body corporate needed funding certainty before it commenced works and ideally with funds provided in full.  If funds were drip fed this made planning much more difficult. Also, providing consenting information and other material to the banks was time consuming.  Our initial task was to find a process under which the banks will, if required by a Body Corporate, release all of their funding to owners at the commencement of the repair programme

NZBA member banks have agreed on a process when lending to customers to assist with remediation work at a unit title development due to "weathertightness" issues. 



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Contact Us

New Zealand Bankers' Association

Telephone: 04 802 3358
Facsimile: 04 473 1698
Email: nzba@nzba.org.nz

Level 15
80 The Terrace

P O Box 3043
Wellington 6140