New Zealand Banking Association Te Rangapū Pēke chief executive Roger Beaumont said banks were working to address financial inclusion issues, “which often needs to be balanced with the need to comply with legal and regulatory obligations, including things like anti-money laundering law”.
Month: April 2023
Kiwi open banking start-up tackling scams, embarrassing mistakes and invoice fraud
But the New Zealand Banking Association has said banks need time to build quality products for consumers, and were already inundated with regulation demands.
Consultation: Proposed CoFI Guidance Note on Intermediated Distribution
Financial Markets Authority
AML/CFT ‘Early’ Regulatory Package Exposure Draft
Ministry of Justice
The Government’s had another go at fixing problematic credit rules it first implemented nearly 18 months ago, but the bankers are still not thrilled
NZBA’s chief executive Roger Beaumont, asked for a response to the Government’s latest repair effort, said the tweaks to the CCCFA regulations “still mean affordability assessments are needed for all types of lending and borrowers. This also means banks no longer have the discretion or flexibility to help customers in need, for example in cases… Read more »
Would RBNZ’s bank resolution work? No, say the experts
The NZ Banking Association also questioned whether OBR would work, saying it is unique to NZ and that there are no examples of it working anywhere, with or without a deposit guarantee scheme.
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