Author: Philip vanDyk

Under the law all banks in New Zealand are required to do more to verify a customer’s identity and, in some cases, account activity.

If a bank can lend within its credit risk policy and regulatory obligations, it likely will. That is the business of banking.

“A mortgagee sale is usually a last resort and suggests other options are no longer available. Mortgagee sales remain extremely low, despite the economic climate.”

“Banks already compensate customers for fraud losses in cases of unauthorised access to their accounts. We are currently discussing with the government a new approach for compensation in cases of authorised payment scams, where customers are tricked into making payments to criminals.

“The government has a range of climate-related policies and regulation aimed at addressing this issue, including climate-related risk disclosures and an emissions reduction plan. The banks take these regulatory obligations very seriously.