According to NZBA the existing Code is prescriptive and largely duplicates bank terms and conditions.
The New Zealand Bankers’ Association is encouraging people to look for the signs of financial elder abuse as part of Elder Abuse Awareness Week.
“Financial elder abuse is the illegal or improper use of older people’s money, property and other assets. This kind of abuse is a very real risk for older New Zealanders. It’s particularly nasty because it involves people, often loved ones, taking advantage of people’s trust and vulnerability,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
Around half of reported elder abuse cases involve financial abuse.
“It’s important for all of us to be aware of the risks to older people, to know what to look for, and where to get help. Often older people are exploited by family and others they have close relationships with. They may also fall victim to scams by con artists.”
Common examples of financial elder abuse include:
- Unauthorised taking of money or possessions
- Misuse of powers of attorney
- Failure to repay loans
- Use of home and assets without permission or contributing to costs
- Scams that rely on establishing a relationship with an older person with the intention of exploiting their savings, assets or personal information.
The Bankers’ Association has published guidelines to help banks meet the needs of older and disabled customers. They include encouraging banks to provide training to staff on how to recognise signs of potential financial abuse while being sensitive to customers’ situations and wishes. Banks must strike a balance between being vigilant and following instructions from customers about what they want to do with their money.
Age Concern’s Elder Abuse and Neglect Prevention Service can provide assistance and advice in cases of elder abuse. Contact details are available at: https://www.ageconcern.org.nz/Public/Info/Services/Elder_abuse_and_neglet/Where_to_get_help.aspx
World Elder Abuse Awareness Week runs from 15 to 22 June. “Elder abuse hits close to home” is the theme for this year.
More information about Elder Abuse Awareness Week is available at:
http://www.superseniors.msd.govt.nz/health-wellbeing/preventing-elder-abuse/weaad-2017.html
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The New Zealand Bankers’ Association today called for public submissions on its review of the Code of Banking Practice.
“We’re proposing a new-look, principles-based Code,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“The current Code is quite prescriptive, and has largely come to duplicate bank terms and conditions. A principles-based approach is meant to make the Code more accessible to bank customers and avoid duplicating customer contracts. It will also provide the Banking Ombudsman with more flexibility in determining what good banking practice is.”
“This approach will help keep the Code up to date in the context of changes to the way we’re banking, and new obligations for banks under consumer law and regulations.
“In drafting the new Code we have drawn out the good banking practice principles underlying the current Code and set out what banks will do to give their customers a positive banking experience.”
The five principles set out in the draft Code are that banks will:
- Treat customers fairly and reasonably
- Communicate with customers clearly and effectively
- Respect customers’ privacy and confidentiality and keep their banking systems as secure as they can
- Act responsibly when offering or providing customers with credit
- Deal effectively with customer concerns and complaints.
“This fresh approach to the Code aims to support positive relationships between banks and their customers in a way that everyone can understand,” says Scott-Howman.
NZBA welcomes public submissions on the proposed Code until 26 July. Information on the submission process is available at:
The draft Code of Banking Practice is available at:
Further information about the draft Code of Banking Practice is available in these FAQs at:
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Given the number of factors involved, it’s not surprising there would be difference in retail interest rates in different countries.
Reserve Bank of New Zealand
New Zealand Bankers’ Association chief executive Karen Scott-Howman said a recent report found New Zealand led the world in digital banking uptake. More than 80 per cent of New Zealanders now prefer to manage their money online.
Switching may be relatively low because New Zealanders rate their banks highly. This was reflected in Consumer NZ’s banking satisfaction survey last year, which found that 86 per cent of customers were satisfied with their bank.
Reserve Bank of New Zealand
The government’s prudent financial management provides a solid grounding for the New Zealand economy, households and businesses, says the New Zealand Bankers’ Association today in response to Budget 2017.
The government’s prudent financial management provides a solid grounding for the New Zealand economy, households and businesses, says the New Zealand Bankers’ Association today in response to Budget 2017.
“There were no major surprises in today’s Budget. It builds on the government’s prudent approach to managing its finances and meeting our needs in a growing economy,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“The forecast economic growth and government surpluses are good news for New Zealand households and businesses.
“The projected surpluses will give the government more options and improve our overall resilience.
“Targeting relief for low to middle income households through changes to the tax thresholds, family tax credits and accommodation supplements makes sense, and will support economic growth.
“We’re also pleased to see increased investment in infrastructure and public services in areas of need.
“Of particular interest is the $10.2m being provided to improve young New Zealanders’ financial capability.
“The funding will allow the Commission for Financial Capability to scale up its Sorted Schools programme and its community-based programmes.
“We strongly support any initiatives to improve financial capability and knowledge in New Zealand. Financially capable people know how to manage their money and make better financial decisions. That ultimately improves personal, family and community well-being.”
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