Author: Philip vanDyk

NZ banks stepping up moves to protect customers from scams with reimbursement for victims of up to $500k, but warn they can’t take on full liability for scam losses beyond their control

“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.”

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.

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 »