Month: April 2025

In new rural banking trial, Westpac NZ is sending a van between regional towns

The trial ended last July, with the New Zealand Banking Association saying it didn’t show a significant demand for the physical services with hub usage lower than many comparable regional branches or ATMs. Nonetheless most of the hub network remains in place, albeit hubs in Stoke and Ōpunake were closed. Remaining hubs include ones in Waimate, Whangamatā, Ōpōtiki,… Read more »

Banking titans on cusp of major legal victory after shock Luxon intervention

The New Zealand Banking Association, which has lobbied for change since 2015, welcomed the move. In comments shared with MPA, chief executive Roger Beaumont said: “Our members welcome the proposed amendments to the CCCFA. The amendments will bring helpful clarification and certainty to a confusing law.”

Banks update consumer safeguards and compensation for scams

The New Zealand Banking Association has announced that banks are introducing new measures seeking to safeguard New Zealand consumers from criminal scammers and align the country with best practices around the world.

New Zealand proposes law change to deliver CBA, ANZ major legal win

“It is important to note that consumers will still be protected, and lenders will still be appropriately held to account once the law is amended,” he said. “The changes simply confirm that, if a lender fails to meet their obligations, the courts can decide what is a ‘just and equitable’ outcome for that failure.”

NZ banks roll out stronger scam protections and new compensation model

“These new scam protection measures are a huge step up in the fight against scams. Banks already do a lot to identify and help prevent scams, and these new measures will enhance tech solutions to help protect customers from increasingly sophisticated scams,” said NZBA chief executive Roger Beaumont.

NZ banks to reimburse some scam victims up to $500,000

Where a bank fails to meet the five new commitments, institutions will compensate all or part of the loss for eligible customers. Banks will also retain the discretion to pay compensation beyond what is set out in the code.

Banks step up customer scam protections and compensation

New Zealand’s banks are bringing in a suite of new measures aligned with global best practice to further protect New Zealanders from criminal scammers. The New Zealand Banking Association today announced a suite of consumer protections that will be progressively rolled out over the next seven months. The banks’ consumer protections will include: Pre-transaction warnings… Read more »