Media Appearances

Good Returns - CoFI bill changes welcomed by advisers body

June 21, 2022 - “Financial institutions are in contractual relationships with intermediaries,” the association wrote.  “Intermediaries are not their employees or contractors, and financial institutions do not have the ability to “manage” or “supervise” intermediaries outside of what is contractually agreed on a case-by-case basis.” The NZBA called for “monitoring”, rather than “managing” and “supervising”, intermediaries.

NZ Adviser - Government changes to CCCFA locked in

June 10, 2022 - “While we agree with the government’s aim to protect vulnerable consumers from unscrupulous lenders, the one-size-fits-all approach for all lenders and all loan types means banks don’t have the same discretion or flexibility they used to.”

RNZ - ‘Rushed attempt’ to fix credit rules falls short – Bankers’ association

June 10, 2022 - Beaumont said the one-size fits all approach for all lenders and all loan types meant the banks did not have the same discretion or flexibility as before.

Business Desk - Credit rule changes won’t make much difference: NZBA

June 9, 2022 - “We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place.”

Interest.co.nz - Amendments to the troubled credit rule changes last year will come into force on July 7, but the NZ Bankers’ Association says the ‘rushed’ attempt to fix the problems won’t make things easier for would-be borrowers

June 9, 2022 - “We don’t think the tweaks published today will make a big difference for most borrowers. That’s because most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change.”

NZ Herald - Government locks in CCCFA changes; banks want lending rules relaxed even more

June 9, 2022 - “Most of the existing requirements remain in place, meaning customers will still have to provide detailed information about their spending, resulting in a more painstaking process and more loan applications being declined than before the December rule change,” Beaumont said.

Stuff - Government walks back some of its tougher loan rule changes, but banks say it’s not enough

June 9, 2022 - “The government’s rushed attempt to fix the problem hasn’t made things easier for consumers seeking credit. Instead, it’s raised hopes of a solution that hasn’t been delivered.”

Otago Daily Times - Changes to lending rules to be in place soon

June 9, 2022 - New Zealand Bankers’ Association chief executive Roger Beaumont said the delay probably would not make much difference because the “proposed tweaks” would not change much.

Stuff - ‘Always on the lookout’: Anti-money laundering laws have made money transfers to the Pacific ‘unsafe’

June 2, 2022 - “The drive for business is balanced with the need to identify and manage risk, including compliance with the regulatory framework in which they operate, especially AML-CFT legislation. These are commercial decisions for the banks themselves, made on a case-by-case basis,” Beaumont says.

Stuff - Some NZ homeowners may hit negative equity if house prices drop 15%

June 1, 2022 - “Banks want to keep people in their homes and there are often a range of personal solutions that banks can implement to support their customer’s individual circumstances.”