Banks welcome new financial conduct regime

The New Zealand Bankers’ Association today welcomed the government’s announcement to introduce a new regime for financial service providers to ensure fairer treatment for customers.  

“Banks want to treat their customers fairly. It’s good for customers and good for business. We welcome further steps to help ensure we’re doing that. We will work closely with the government and regulators to develop and implement the new requirements,” says New Zealand Bankers’ Association chief executive Roger Beaumont.

“Since last year’s Bank Conduct and Culture Review all banks have committed to removing sales incentives for frontline salespeople and their managers.

“While that review found no evidence of widespread misconduct and culture issues across the industry here we accept there’s work to do to put better systems and processes in place to ensure good customer outcomes. We’re working hard to do that.”

“Bank customers can fully expect to be treated fairly by their banks. It’s a commitment that banks already make in the Code of Banking Practice.

“The banking industry understands the high standards expected by their customers and are prepared to meet those standards.

“This is an important step for the broader financial services sector.

“We look forward to working with officials to ensure the legislation is practical and achieves its objectives,” says Beaumont.