“Banks will use this time to ensure the new consumer protections work well from the start. That includes designing and implementing changes to each bank’s systems, processes, and staff training, alongside other change priorities. The updated Code of Banking Practice will go live on 30 November 2025 once all the new measures are in place.”
Author: Philip vanDyk
New Zealand Banking Association updating practice code to better prevent scams
“Banks are stepping up their customer protections and will be accountable for those measures, but they cannot take on full liability for scam losses that are beyond their control and may, for example, start with a fake ad or chat on social media, or a fake search engine result,” he said.
NZ banks introduce new fraud protections, will reimburse scam victims up to $500,000
“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.”
Banks’ scam compensation code called ‘too little, too late’ by victim
Banking Association chief executive Roger Beaumont said the new scam protection measures were “a huge step up in the fight against scams”.
Home lending up
Retail banking insights released today by the New Zealand Banking Association showed both the number and value of home loans in the second half of 2024 increased significantly compared to the first half. The insights show there were 56,938 new home loans in July to December 2024, up 21% from the previous six months. The… Read more »
Calls for banks and Govt to improve banking access for ex-prisoners
A spokesperson from the NZ Banking Association says the Reserve Bank is taking the lead on behalf of the Council of Financial Regulators to act on recommendations for the banking industry to co-operate to make basic bank accounts widely available. “NZBA and our member banks are working with RBNZ and the Commerce Commission to progress… Read more »
How a woman’s quest for love cost her more than $500,000
“We’re also asking the Government to help remove any regulatory barriers to the Anti-Scam Centre working effectively, and to set scam prevention expectations for other industries.”
Policy Proposal: Product hierarchy for the Depositor Compensation Scheme
Reserve Bank of New Zealand – Te Pūtea Matua
Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill
Justice Select Committee
New Zealand probes banks’ climate commitments for anti-cartel behaviour
Roger Beaumont, chief executive of New Zealand’s Banking Association, noted the issue of the lenders’ net-zero targets was also being investigated by the parliamentary inquiry into banking competition.
Recent Comments