A collector who will be sitting on capital gain, if he ever wanted to part with his beloved old school vinyl records, is Kirk Hope chief executive of the New Zealand Bankers’ Association.
“This…does not provide the outcome that the Government is seeking, which is to ensure that the person is fully identified and verified,” Hope wrote. The banking industry is pushing for real estate agents and lawyers who have the relationships with property buyers should meet the obligation to verify their identity.
Reserve Bank of New Zealand
Finance and Expenditure Committee
Banks operate in a “very competitive” environment to attract and retain customers but this is balanced by the need to take compliance obligations seriously. “If they can continue to bank a customer within the bounds of their AML obligations, they will.”
Commerce Committee
New Zealand Bankers’ Association chief executive Kirk Hope said racial stereotyping was not in the banks’ or their customers interests especially within such a competitive part of the banking sector.
As part of Elder Abuse Awareness Week the New Zealand Bankers’ Association is encouraging people to look out for financial elder abuse.
“Financial elder abuse is about the illegal or improper use of older people’s money, property and other assets. It’s particularly nasty because it preys on people’s trust, and often exploits family and other close relationships,” said New Zealand Bankers’ Association chief executive Kirk Hope.
Examples of financial elder abuse include:
- Unauthorised taking of money or possessions
- Misuse of power of attorney
- Failure to repay loans
- Use of home and assets without contributing to costs
Scams that rely on establishing a relationship with the older person with the intention of exploiting their savings and/or assets.
The Bankers’ Association has in place voluntary guidelines to help banks meet the needs of older and disabled customers.
“Among other things, the guide encourages banks to provide training to staff so they recognise signs of potential financial abuse while being sensitive to customers’ wishes,” Hope said.
Farmers facing tough times are being encouraged to talk to their bank early and often in an information resource launched today by the New Zealand Bankers’ Association at Fieldays.
“We all know that the agri sector is hugely important to our economy. We also understand the volatility and complexity of the sector,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“That’s why we’ve put together an information sheet about how banks can help farmers facing financial challenges.
“Banks work in partnership with farmers to support their businesses through good times and bad. Two-way communication is essential, particularly during times of financial stress.”
Depending on farmers’ particular circumstances, there is a range of potential measures available across the banking sector, including:
- Reducing or suspending principal payments on loans and temporarily moving to interest-only payments
- Allowing term deposits to be broken without associated costs
- Low interest loans for investment in key environmental systems and projects
- Waiving fees associated with restructuring business loans
- Providing access to short term funding
- Financial management and budgeting advice
- Access to workshops on improving farm productivity and performance.
“The key is acting before the event takes place, having plans and a budget in place, and keeping your banker and advisers in the loop,” Hope said.