The New Zealand Bankers’ Association welcomes the recent introduction of the Financial Reporting Bill by Commerce Minister Craig Foss.
The Bill seeks to remove or reduce unnecessary and excessive reporting requirements. This will significantly cut costs for small and medium-sized companies. It will also further reduce barriers to doing business in New Zealand by better aligning our reporting requirements with those in other countries.
“We commend the government’s decision to streamline financial reporting requirements. This will support New Zealand business growth and development, which is vital to improving our economic performance,” said New Zealand Bankers’ Association chief executive Kirk Hope.
Small and medium-sized companies will no longer be required to prepare general purpose financial reports. Instead they will be able to file reports which are more appropriate to their businesses. Guidelines for these special purpose reports are being developed by the New Zealand Institute of Chartered Accountants (NZICA). The New Zealand Bankers’ Association is keen to work with NZICA to ensure the cost burden for small and medium-sized companies is minimised and information is consistent and standard
Financial Markets Authority
It may never rival the popularity of the Da Vinci Code, but there is good reason why everyday banking customers will want to read the Code of Banking Practice
The New Zealand Bankers’ Association issued a statement applauding Hunt’s prosecution. NZBA chief executive Kirk Hope said at last year’s Financial Summit the banking industry had agreed with regulators and consumer groups that robust enforcement of existing consumer protection law was crucial to cracking down on rogue lenders who prey on vulnerable people.
n defence of lenders, Hope said it needs to be recognised by those critical of finance companies that the circumstances of borrowers (particularly those using credit facilities) can change from the time of the loan.
The New Zealand Bankers’ Association has encouraged bank customers to have a look at the latest Code of Banking Practice, which comes into force on 1 July. Now in its fifth edition, the Code provides a useful guide for customers and their relationship with their banks.
“The Code includes a whole lot of useful information about what banks will do for their customers. It covers things like getting credit, internet banking, and how you can protect your PINs and passwords.
“If you have a relationship with a bank, you need to know about the Code,” said New Zealand Bankers’ Association chief executive Kirk Hope.
The Code is reviewed every three years. “On the whole we found the Code is working well. We’re at the point where it gets updated to reflect good industry practice and to take into account new technology, rather than needing a major overhaul,” said Hope.
There are four main changes to the fifth edition:
- Mobile phone banking: The internet banking chapter has been updated to include the use of smart phones and mobile banking apps.
- Dispute resolution process: The dispute resolution process for customers has been clarified and reflects the fact there is now a range of dispute resolution schemes available to financial service providers.
- Accessibility: The Code is now available on all NZBA member bank websites as well as on the NZBA website. Print versions of the Code will continue to be available from bank branches.
- Wholesale customers: The Code has always focused on banks’ relationships with their retail customers. The new Code reflects this by expressly excluding wholesale customers from its target audience.
“The revised Code has been brought up to date to include innovations in banking services and is now clearly aimed at the retail customers it was always meant to help.
“It is one of the most comprehensive pieces of industry self-regulation operating in New Zealand. This industry initiative sets out at the very least what banks will do for their customers. It also complements more specific terms and conditions applying to particular products offered by banks,” Hope said.
Commerce Committee
The New Zealand Bankers’ Association today applauded the prosecution of third tier lender Barry Hunt for breaches of the Credit Contracts and Consumer Finance Act.
“This is a great result. We congratulate the Commerce Commission on a successful prosecution in this case,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“At last year’s Financial Summit the banking industry agreed with regulators and consumer groups that robust enforcement of existing consumer protection law is crucial to cracking down on rogue lenders who prey on vulnerable people. We need to target the problem where it lies.
“Banks are responsible lenders and we’re keen to see all lenders held to the same standards we already observe. It’s about fairness to consumers and applying existing regulations evenly across all lenders,” Hope said.
Hunt was prosecuted for a range of breaches including failing to specify the annual interest rates borrowers would pay, misleading customers about the method used to calculate the interest rate, and failing to disclose his full name and address.
HM Customs and Revenue (United Kingdom)
Bank lobby group the New Zealand Bankers’ Association has hit back at suggestions from property information provider Terralink that mortgagee sales are rising because of a “marked upturn” in the major banks forcing them, saying the total number of mortgagee sales last year was less than 0.2% of the total number of mortgages and there’s “no wholesale move” to sell people out of their homes.