- “Scam-related crime is increasingly sophisticated and constantly evolving. Scams go much wider than banks, which are usually at the end of the chain of events that makes up a scam that tricks you into paying a criminal or allowing them access to your bank account.”
- “There’s no silver bullet for solving scams and what’s needed is a multi-pronged approach and the involvement and investment of all affected sectors, including government agencies, telcos, social media companies, and internet service providers.”
- The Banking Association, which represents all 18 registered banks, has not made a submission to the Commerce Commission inquiry, at this stage. Chief executive Roger Beaumont says he doesn’t intend to comment on others’ submissions, including those of the association’s member banks. “We wish to respect the market study process and let it run its course.” he says.
- The Banking Association and the FSC said they were ready to work with whatever government was voted into power at the October general election. The Banking Association noted that the Government had already committed to reviewing the lending law changes National intended to repeal.
- The committee also recommended the Government urge the New Zealand Banking Association to update its Code of Banking Practice to “offer further measures that help protect consumers from scams and fraudulent activity”.
- “Name to number matching is a complex issue, impacting customer privacy and account name practices,” said NZ Banking Association chief executive Roger Beaumont.
- “Our banks are highly regulated, well capitalised, and profitable,” says Roger Beaumont. “That helps makes them resilient, and with recent overseas bank failures we’ve seen why that’s important.”
- “Climate reporting entities’ ability to correctly assess the full future physical risk from climate change will improve as they both gain a better understanding of which global scenario/pathway that we are heading down and as they gain better modelling capability to understand the physical risks that climate change creates within each scenario,” he says.
- Industry group, the New Zealand Banking Association, said the Commerce Commission’s preliminary issues paper was comprehensive and shows an understanding of key issues in personal banking.“In particular, the focus on the significant current regulatory requirements as well as those in train will provide important context to competition and barriers in the industry.”
- Beaumont said the permanent emergency exemption was a pragmatic step forward to enable banks to support customers quickly in a time of emergency, which the industry had been requesting since well before Cyclone Gabrielle.
