- “The Commerce Commission will determine the scope of the market study. Banks are open and transparent and will participate fully in the areas the Commission wishes to look at.”
- “To address this properly we need all parties involved including, for example, global tech companies, telcos, internet service providers, government agencies, dispute resolution services, and consumer representatives and advocates.” Matching accounts and names with the customer’s intended recipient had privacy implications that would need to be overcome, Beaumont said.
- “Each bank also has its own risk management and lending policies and will assess each loan application within that framework. One bank’s risk appetite may be different from another so it’s worth shopping around.”
- Roger Beaumont Published in KPMG’s Financial Institutions Performance Survey March 2023 Quarterly Results With interest rates rising sharply to combat inflation and the cost of living, combined with severe flooding and cyclone damage in the North Island, the first half of 2023 has been eventful to say the least. While some commentators are saying the... Read more »
- “Depending on the circumstances involved, options may include temporarily moving to interest-only repayments, or restructuring the loan over a longer term to reduce regular repayment amounts.”
- The head of the Banking Association, Roger Beaumont, said many households had cushioned themselves from the impact of rising rates and a slowing economy by getting ahead in mortgage repayments.
- The NZBA said in recent years the industry had seen bank teams tied up with significant regulatory requirements, limiting the ability to focus on new product development. “We hope the Commerce Commission will look closely at the regulatory environment as part of its study.”
- “We believe the inquiry will ease any concerns in the community about competition and innovation in the banking industry,” he said. “We have a competitive banking sector, with 16 retail banks operating in New Zealand and easy bank switching.”
- Bankers Association chief executive Roger Beaumont says switching banks is easy. “A customer’s new bank can arrange everything including transferring funds from the previous bank and setting up recurring payments to new accounts.” Beaumont says this can be done within five working days, and people don’t even need to talk to their previous bank.
