“It’s a useful step towards sorting out a very thorny and expensive compliance issue for us. We understand US moves to clamp down on tax evasion by Americans living around the world. But without an inter-governmental agreement, the US law’s provisions are virtually unworkable,” said Hope.
Month: October 2012
Steps towards FATCA agreement applauded
The New Zealand Bankers’ Association today applauded the government’s decision to seek an inter-governmental agreement between New Zealand and the United States which will help financial institutions comply with new US tax reporting requirements. The Foreign Account Tax Compliance Act, also known as FATCA, is designed to ensure US citizens resident in other countries meet… Read more »
Banks claw back profits
Large profits in the banking sector needed to be considered alongside the contribution banks made to the economy, Mr Hope says. “Last year banks contributed around $6 billion to our economy through the $4.5 billion they invest in running their businesses here, and the $1.3 billion they paid in tax.”
Banks fit to face challenges
KPMG’s Financial Institutions Performance Survey (FIPS) report for the quarter to 30 June 2012 confirms that New Zealand banks are well placed to meet ongoing challenges. Those challenges to the banking sector, and the wider New Zealand economy, include the continuing European debt crisis and a slowdown in the Australian economy, our largest trading partner…. Read more »
Banks slam FMA KiwiSaver selling advice
The banking industry’s lobby group has slammed the investment regulator over its guidance on how KiwiSaver should be sold, saying it will be harder for consumers to get information on the retirement savings scheme.
Regulator’s KiwiSaver guidance disadvantages consumers
By rewriting the law, the Financial Markets Authority (FMA) is doing consumers a disservice says the New Zealand Bankers’ Association. Following the release of the FMA’s guidance note on the sale and distribution of KiwiSaver, Bankers’ Association chief executive Kirk Hope expressed serious concerns. “This is bad for consumers because it limits access to information… Read more »
Most Kiwis rate their bank highly – survey
A survey by Consumer NZ shows the banking sector in New Zealand rates well above other service sectors. New Zealand Bankers’ Association chief executive Kirk Hope says banks have lifted their game over the last five years, with an eight percent increase in customer satisfaction from 84 percent to 92 percent.
Proposed changes to the Capital Adequacy Framework arising as a result of Basel III
Reserve Bank of New Zealand
Banks top satisfaction surveys
A recent survey has revealed that most people rate their bank highly, and that the banking sector in New Zealand rates well above other service sectors. “Banks put a huge effort into customer service and it’s great to see this reflected in the survey results,” says New Zealand Bankers’ Association chief executive Kirk Hope. The… Read more »
Proposed Canterbury Land & Water Regional Plan
Environment Canterbury
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