Month: March 2024

One of the things that I hadn’t appreciated before meeting with the NZBA was that in many cases, banks don’t have much discretion under the Credit Contracts and Consumer Finance Act to give quick loans and overdrafts in an emergency – the regulations simply don’t allow it.

Banking Association Chief Executive Roger Beaumont told Mike Hosking that the commission also recognised the impact of industry regulation. He says the regulation banks have been required to do is off the charts and has been a handbrake on innovation.

“We are pleased to see the commission recognises the significant impact regulation has on consumers,” said New Zealand Banking Association chief executive Roger Beaumont.

“Our banks embrace competition and support transparent and easy access to banking services for all New Zealanders. Banks will provide constructive feedback on the draft recommendations.”

“We are pleased to see the commission recognises the significant impact regulation has on consumers. Our banks embrace competition and support transparent and easy access to banking services for all New Zealanders.”

“Regulatory burden has been a real impost and barrier to innovation, and so if we can get some relief from some of those regulatory requirements, then it will allow banks to become able to spend more time and more resources on innovation.”

“But the most important thing you can do is to have a degree of caution and care about anything you do when paying money in an online environment,” Beaumont adds.

Banks launched a joint effort to identify mule accounts in December and had found almost 1000 by February, New Zealand Banking Association chief executive Roger Beaumont said.

“We submit that the FMA could make it clearer that the outcomes won’t be used as a tool to penalise financial institutions for outcomes that may seem unfair with the benefit of hindsight,” the NZBA submission says.

Having previously opposed the Reserve Bank introducing debt-to-income restrictions on banks’ home loan borrowers, now they’re going ahead, the New Zealand Banking Association wants them loosened.