- New Zealand’s banks are bringing in a suite of new measures aligned with global best practice to further protect New Zealanders from criminal scammers. The New Zealand Banking Association today announced a suite of consumer protections that will be progressively rolled out over the next seven months. The banks’ consumer protections will include: Pre-transaction warnings... Read more »
- Retail banking insights released today by the New Zealand Banking Association showed both the number and value of home loans in the second half of 2024 increased significantly compared to the first half. The insights show there were 56,938 new home loans in July to December 2024, up 21% from the previous six months. The... Read more »
- 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.
- “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.
