- Industry group, the New Zealand Banking Association, said the Commerce Commission’s preliminary issues paper was comprehensive and shows an understanding of key issues in personal banking.“In particular, the focus on the significant current regulatory requirements as well as those in train will provide important context to competition and barriers in the industry.”
- Beaumont said the permanent emergency exemption was a pragmatic step forward to enable banks to support customers quickly in a time of emergency, which the industry had been requesting since well before Cyclone Gabrielle.
- Roger Beaumont from the New Zealand Banking Association says mortgagee sales should be a last resort. “More often than not, these situations occur when there has been a breakdown in communication,” he told Newshub.
- Three new regional banking hubs will open from this week as part of the latest phase of the regional banking hub trial led by the country’s six biggest retail banks. The three new hubs will be in Waimate, Whangamatā and Ōpōtiki. The Waimate hub will open its doors this Friday, with the remaining hubs opening... Read more »
- The New Zealand Banking Association Te Rangapū Pēke said banks would be likely to support government initiatives as long as they didn’t compromise banks’ anti-money laundering obligations.
- NZBA chief executive Roger Beaumont believes that broadening the Code of Banking Practice to cover APP scams would mean “banks take on all or most of the risk of customer decisions, meaning customers have little incentive or responsibility to protect their money. This could lead to much greater fraud losses.”
- NZBA chief executive Roger Beaumont believes that broadening the Code of Banking Practice to cover APP scams would mean “banks take on all or most of the risk of customer decisions, meaning customers have little incentive or responsibility to protect their money. This could lead to much greater fraud losses.”
- But it is not a member of the Banking Association Te Rangapū Pekē, whose member banks promise to reimburse fraud losses for customers who were not dishonest or negligent, complied with their banks’ terms and conditions for electronic banking or card use, and took reasonable steps to protect their banking.
- “The Commerce Commission will determine the scope of the market study. Banks are open and transparent and will participate fully in the areas the Commission wishes to look at.”
- “To address this properly we need all parties involved including, for example, global tech companies, telcos, internet service providers, government agencies, dispute resolution services, and consumer representatives and advocates.” Matching accounts and names with the customer’s intended recipient had privacy implications that would need to be overcome, Beaumont said.
