Media

Interest.co.nz - Reserve Bank outlines design plans for tool it could enforce on banks to limit the debt-to-income ratio of home buyers

November 10, 2022 - Introduction of the tool has also been opposed by banks, with bank lobby group the New Zealand Bankers’ Association maintaining “there’s a real risk of adverse customer impact” if the RBNZ introduces a DTI tool.

NZ City - A suggestion there’s a need for a public awareness campaign on open banking

November 10, 2022 - Bankers’ Association Chief Executive Roger Beaumont says their research indicates about two-thirds of Kiwis are opposed to the concept of open banking, or don’t understand it. He says that means there’s an obligation on the Government, who are setting this up, to educate people on what it means.

NZ Herald - Government to make it easier to switch banks, forcing banks to share consumer data on request

November 10, 2022 - 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”.

NBR - Banking first sector to come under consumer data right mechanism

November 10, 2022 - “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 »

Reuters - New Zealand government to introduce ‘open banking’ for consumers

November 10, 2022 - 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.”

Newshub - Expert disappointed open banking at least two years away

November 10, 2022 - 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”.

TVNZ - Some experts divided on open banking

November 10, 2022 - “New Zealanders have plenty of choice already, we don’t actually need open banking for there to be competition and choice for New Zealanders.”

Newsroom - Open banking will give control to customers – but it comes with risks

November 10, 2022 - 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.

Business Desk - Mixed reaction to Adrian Orr reappointment

November 8, 2022 - “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.”