- “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.
- “We submit that the FMA could make it clearer that the outcomes won’t be used as a tool to penalise financial institutions for outcomes that may seem unfair with the benefit of hindsight,” the NZBA submission says.
- Having previously opposed the Reserve Bank introducing debt-to-income restrictions on banks’ home loan borrowers, now they’re going ahead, the New Zealand Banking Association wants them loosened.
- Scams are not just a bank problem. Banks tend to be at the end of a chain of events that leads to a criminal stealing money from someone. Scams often start when people are deceived by fake websites, emails, texts, social media ads, and phone calls. Everyone needs to play their part in preventing criminals... Read more »
- “Banks were already sharing some information on money mules, but the new phase of work will increase the speed and amount of information being shared,” said NZBA chief executive Roger Beaumont.
- Roger Beaumont Published in KPMG’s Financial Institutions Performance Survey Review of 2023, 13 March 2024 Scams targeting New Zealanders are on the rise, and they’re becoming increasingly sophisticated. The impact can be devastating, with some people losing their life savings. Because of the customer impact, and the fact that banks are often at the end... Read more »
- “Banks will investigate a voluntary reimbursement scheme for customers who lose money in an authorised payment scam. That may help inform any changes to the Code of Banking Practice which sets out current customer expectations for fraud reimbursement.”
