- Beaumont warned that the weight of other banking regulation being imposed by government and the Reserve Bank meant that banks would “need time to enable quality products that will excite New Zealand consumers”.
- “Because of the weight of other regulation and compliance falling on banks at the moment – such as the new conduct regime and increased capital requirements, along with staffing and other supply chain constraints – we’ve told the Government that banks need time to enable quality products that will excite New Zealand consumers. This will take some... Read more »
- New Zealand Bankers’ Association chief executive Roger Beaumont said it is important to get the open data sharing right for consumers and they needed time to implement. “There may also be lessons from other countries the government could take into account as it develops the legal framework.”
- Roger Beaumont from the New Zealand Bankers’ Association said it’s “really important to get it right because if you get it wrong there are some serious implications”.
- But NZ Bankers’ Association chief executive Roger Beaumont says it’s important we get it right. With so much new regulation and compliance, banks have told the Government they need time to implement challenges such as customer privacy and data security.
- “The banking industry worked closely with him in the early response to covid and was grateful for his support for banks to offer customers deferred or reduced repayments for around $70 billion in loans.”
- Last year they made a direct contribution of $8.52 billion to the New Zealand economy by spending $6.12 billion running their businesses here and by paying $2.4 billion in tax. The total contribution is more than their combined profits.
- People who were facing any significant change in circumstance that would cause them difficulty paying their mortgage – such as losing their job – should ring their bank immediately.
- “Banks are responsible lenders and when assessing a loan application they apply higher ‘serviceability’ rates to see if you could still repay the loan if interest rates go up. So typically, there’s a buffer already built in for borrowers.”
