“New Zealand banks operate in a different market and regulatory framework compared to their Australian counterparts. Any changes in New Zealand are more likely to be driven by customer demand.”
“The net interest rate margin remains relatively flat and banks are really generating their profits off a reduction in expenses and also provisioning that is at historically low levels.”
“There are a range of mechanisms, both formal and informal, by which they ensure banks are behaving in way they should be.”
Reserve Bank of New Zealand
Reserve Bank of New Zealand
Inland Revenue Department
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