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
It’s Privacy Week (9-15 May), and the New Zealand Bankers’ Association (NZBA) says that the broader theme “Privacy – in your hands” is a timely reminder that while banks work hard to protect our ban ing information, we all need to take steps to help ensure our personal information is safe and secure.
The Privacy Concerns and Sharing Data (April 2016) survey commissioned by the Office of the Privacy Commissioner indicated that 75-81 percent of respondents were concerned about issues relating to identity theft, credit card and banking details, businesses sharing personal information and security of information.
“Protecting customers’ privacy is an important part of the banking relationship. Banks ensure they have good privacy policies, systems and technology in place to help protect their customers’ accounts and information,” said Karen Scott-Howman, chief executive of the New Zealand Bankers’ Association.
“Customers can be confident their banks will do their part to help protect their personal information and money, but we all have an important role to play in keeping ourselves safe from people who may be trying to exploit our personal information.”
The NZBA suggests that customers follow these tips to help protect access to their personal and banking information:
- Protect access to your account. Don’t share your bank account login details, cards, PINs or passwords with anyone – not in person, online, over the phone, in emails or texts. Your bank will never ask you for this information.
- Protect your PIN. When entering your PIN number at ATMs and EFTPOS terminals, shield the PIN pad with your other hand. Criminals may ‘skim’ your card details by attaching a device to the card reader, and then ‘shoulder surf’ or use hidden cameras to record your PIN.
- Password security. Change your passwords periodically, and make sure they are not easily guessable.
- Protect your identity information. Only provide personal information to trusted people and organisations. This includes your date of birth, address, driver licence number and passport details.
- Check credentials and legitimacy.
- On the phone: Don’t give out personal information over the phone unless you initiated the call and you are sure that the number you called is genuine.
- At home: Don’t give personal information to anyone who knocks on your door unless you have checked their credentials. Don’t ever share your cards, PIN, or account login details.
- Online: Logon to internet banking by typing in your bank’s full web address. Do not use links in emails or text messages that appear to take you to your bank’s website. Spam emails are often disguised to look legitimate. If it doesn’t seem right, take care and double check first before handing over personal information. Always check you have a padlock symbol somewhere on the page, and that the website starts with https://. The ‘s’ stands for secure.
- Secure software. Keep your anti-virus and firewall software up to date.
- Scan statements. Check your statements and/or review your transactions regularly. Advise your bank immediately of any unauthorised transactions.
- Speak up. Contact your bank immediately if you think the security of your cards or accounts has become compromised in any way.
Banks each have privacy policy that outlines how they will manage customers’ information.
Your bank’s privacy policy can be found on its website or by visiting your local branch.
KPMG’s Financial Institutions Performance Survey (for the quarter to December 2015) released today has found that New Zealand’s banks remain resilient and that the local economy continues to be buoyant, despite uncertainty in the global economic environment.
The New Zealand Bankers’ Association (NZBA) says that banks continue to manage their businesses well, and that helps support New Zealand’s economic growth.
“A strong and resilient banking system helps underpin New Zealand’s economic growth and well-being. Banks contribute to that growth by providing financial services to New Zealanders and busineses across a range of sectors,” said New Zealand Bankers’ Association acting chief executive Antony Buick-Constable. “The industry’s strength also enables our banks to provide continued support to the dairy sector through current challenges.”
The KPMG report showed that competition remains intense across the banking industry.
“Our banks are highly competitive and are managing their operating costs effectively. Customers currently benefit from historically low interest rates,” said Buick-Constable.
The report also found that banks continued to face regulatory challenges.
“New Zealand has strong regulatory oversight, and our banking sector is committed to working constructively with government and regulators to help ensure the best outcomes can be achieved. As an industry, we are very focused on playing our part toward maintaining a strong and stable banking environment,” added Buick-Constable.
Government Administration Select Committee
New Zealand Police Financial Intelligence Unit