Reserve Bank of New Zealand
Finance and Expenditure Select Committee
The New Zealand Bankers’ Association (NZBA) today welcomed the Financial Markets Authority’s (FMA) release of ‘A guide to the FMA’s view of conduct’.
“Good conduct and trust form a vital part of banks’ relationships with their customers. New Zealand banks work hard to ensure their customers’ interests are considered first when providing financial advice, so that customers are able to make confident and informed decisions,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“New Zealand banking leaders ‘live’ their organisation’s core values. This contributes to a positive work culture and environment, and underpins the high service standards banks deliver to customers.”
“The banking industry is committed to demonstrating good conduct and working collaboratively with regulators to ensure we achieve the best outcomes for our banking customers and for New Zealand as a whole,” Scott-Howman added.
Ministry of Business, Innovation and Employment
The New Zealand Bankers’ Association (NZBA) today welcomed the Ministry of Business, Innovation and Employment’s (MBIE) recommendations to the Minister of Commerce and Consumer Affairs on changes to the Financial Advisers Act 2008 (FAA) and Financial Services Providers Act 2008 (FSPA).
“Banks support good quality regulation that improves consumer understanding of financial advice and the conduct and competence of financial advisers,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“Banks play an important role in providing reliable and trusted financial advice, so that our customers are able to make confident and informed decisions.”
“The recommendations are comprehensive and align with banks’ priorities in ensuring our financial advice is fit for purpose and puts the customer’s interests first.”
In particular, NZBA supports the forward-looking recommendations that enable robo-advice, which will help promote innovation and consumer accessibility to financial advice into the future.
“The industry has appreciated the opportunity to engage with MBIE throughout the review and looks forward to further collaboration to implement the proposed changes,” ScottHowman added.
The New Zealand Bankers’ Association today welcomed law firm Minter Ellison Rudd Watts as its latest affiliate member.
“We are delighted to have Minter Ellison Rudd Watts, one of New Zealand’s premier and most established law firms, join us as an affiliate member,” said New Zealand Bankers’ Association Chief Executive Karen Scott-Howman.
“Affiliate members provide valued services to the banking sector, and this affirms the commitment of Minter Ellison Rudd Watts to continue as an active contributor to the industry.”
Minter Ellison Rudd Watts partner Kate Lane said, “Minter Ellison Rudd Watts has worked with NZBA and its members over many years, and we are pleased to formalise this relationship as an affiliate member.”
“We look forward to working closely with NZBA as it continues its efforts to foster a strong and stable banking system that benefits New Zealanders and the New Zealand economy.”
Established in 1891, the New Zealand Bankers’ Association provides a forum for its 15 members to work together on non-competitive industry issues. The Association now has eight affiliate members from complementary organisations involved with the banking industry
New Zealand’s stable and robust banking system stands strong against the uncertain implications of Brexit, says the New Zealand Bankers’ Association (NZBA).
“New Zealand’s banks are strong, well-funded and well regulated, and this stability positions them well in an environment of global uncertainty,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“Since the Global Financial Crisis there has been a renewed focus on ensuring risk is minimised and mitigated against within the banking industry. There have been numerous legislative and regulatory changes since the GFC, which resulted in substantial investment and resources by banks, including Reserve Bank of New Zealand’s requirement for banks to hold increased capital to help protect against volatility in international markets.”
New Zealand banks hold strong capital and liquidity buffers in excess of their regulatory requirements. Recent independent Reserve Bank of New Zealand stress tests suggest that “banks have sufficient capital to withstand a severe economic downturn” should it ever occur.
“New Zealand can have confidence in our banking system. Our banks were resilient in the GFC, and we remain well positioned to withstand any turbulence in the global economy,” Scott-Howman added.
The New Zealand Bankers’ Association (NZBA) supports the Government’s announcement today that it will take a considered approach to implementing recommendations on anti money laundering legislation, which were highlighted in its Inquiry into Foreign Trust Disclosure Rules.
“Banks already play their part in complying with domestic and international legislative requirements, and can attest that a considered approach works to achieve the best possible outcome in the fight against money laundering,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“This report encourages increased transparency in the professional and financial services sectors. This would also further align New Zealand with international best practice.”
Furthermore, NZBA said the recommendations delivered by the report that seek to strengthen international tax rules are to be welcomed.
“The report’s proposed strengthening of disclosure requirements for foreign trust accounts should minimise the likelihood of tax evasion and money laundering, and enable New Zealand to further protect its global reputation,” Scott-Howman added.
Financial Markets Authority
Ministry of Justice