Author: Philip vanDyk

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 »

“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.”

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.

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.