Author: Philip vanDyk

The chief executives of BNZ and ANZ banks have been elected chair and deputy chair of the New Zealand Banking Association.

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.