Kirk Hope, chief executive of the New Zealand Bankers’ Association, says the Fair Play on Fees campaign is misleading people and questions their figures.
NZ Bankers Association chief executive Kirk Hope talks to Mike Hosking about the news NZ’s biggest banks are being sued using class action for a collective $1 billion.
The New Zealand Bankers’ Association has today welcomed the appointment of interim Retirement Commissioner Diane Maxwell.
“Diane brings a wealth of experience to the role from both the banking and regulatory sides of the financial sector,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“Diane has great skills in strategic development and delivering financial literacy programmes to communities.
“Diane’s an excellent interim appointment to this role. She will maintain momentum around the kinds of financial literacy initiatives which New Zealanders need,” added Hope.
Diane Maxwell is seconded from the Financial Markets Authority and was previously Head of Brand and Corporate Affairs at Bank of New Zealand
“Our banks communicate very clearly on fees, which is a reflection of our very competitive banking sector. The fees being singled out are avoidable, and our industry has also made it easy for customers to switch banks if they feel the fees they’re paying are too high,” New Zealand Bankers’ Association chief executive Kirk Hope said. He is advising customers concerned about fees to talk to their bank rather than lawyers.
Responding to news of the launch of the “Fair Play on Fees” action, bank lobby group the New Zealand Bankers’ Association said talk of legal action failed to take into account differences between the New Zealand and Australian banking sectors.
Talk of legal action today relating to bank fees fails to take into account differences between the New Zealand and Australian banking sectors.
“Australian legislation around civil suits is very different from what we have in New Zealand. We are surprised the lawyers running this don’t appear to know about these differences. We also note that similar action in Australia remains unresolved,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“The New Zealand banking sector also operates quite differently from Australia where this is being driven from.
“Three of the four main fees being targeted by this action have been overseen by the Commerce Commission for the last ten years. The Commission has released draft guidelines regarding these fees.
“Our banks communicate very clearly on fees, which is a reflection of our very competitive banking sector. The fees being singled out are avoidable, and our industry has also made it easy for customers to switch banks if they feel the fees they’re paying are too high.
“Banks work hard to attract and keep their customers, and will work with them to reduce their fees. This came through in a Consumer NZ survey last year which found bank customer satisfaction at 92 per cent, outshining other industries.
“We’re also not sure what’s motivating the action, how many Kiwis have signed up to this action, what their cut of any successful law suit would be, or how they’ve calculated the size of the proposed claim.
“We’d encourage customers concerned about fees to simply talk to their bank, rather than talk to lawyers,” added Hope.
Ministry of Business, Innovation and Employment
Ministry of Business, Innovation and Employment
Reading between the lines of what the Reserve Bank has said about the macroprudential tools it is working on, regulating loan-to-value ratios would not be its favoured option, believes the Bankers’ Association.
Is there a need for the Reserve Bank to even have the so-called macro-prudential tools it’s now publicly consulting on? This, says Kirk Hope, CEO of bank lobby group the New Zealand Bankers’ Association, is a good question.