“To truly strengthen New Zealand’s scam defences, everyone in the ecosystem needs to play their part – and that includes government, telcos, social media companies, and search engines. Banks can’t protect New Zealanders on their own.”

BNZ chief executive Dan Huggins has been elected chair of the New Zealand Banking Association and took up the role on 1 April.

ANZ chief executive Antonia Watson was elected deputy chair. The chair and deputy chair take on their respective roles for two years.

Mr Huggins says it’s an honour to represent the New Zealand banking industry during a time of rapid global change.

“A strong and stable banking system is crucial to support our country through challenging times. New Zealand is fortunate that its banks are among the best capitalised, funded, and regulated in the world. This strength and stability mean the sector is well positioned to support our local communities and the economy through periods of change and uncertainty,” he says.

“The industry is also committed to playing its part on the issues that matter to New Zealanders, such as competition, protection from global criminals perpetuating scams and fraud, financial inclusion, climate change and the transition to a low carbon economy.

“As chair, I look forward to building on the work of my predecessors in highlighting the role banks play in supporting New Zealanders and working collaboratively with regulators and policy makers to support a growing New Zealand economy.”

New Zealand Banking Association chief executive Roger Beaumont thanked ASB chief executive Vittoria Shortt for her contribution as chair over the last two years and welcomed Dan Huggins to the role.

Established in 1891, NZBA is the voice of the banking industry. The association backs its member banks to deliver for New Zealanders by shaping policy on non-competitive issues and telling the industry’s story.

The association currently has 18 members, all of which are banks registered under the Reserve Bank of New Zealand Act 1989. The association’s governing body is its council, comprising the chief executive of each member bank. In addition to these members, NZBA has eight affiliate memberships from other organisations that support the banking industry.

ENDS

The chief executives of BNZ and ANZ banks have been elected chair and deputy chair of the New Zealand Banking Association.

One of the things that I hadn’t appreciated before meeting with the NZBA was that in many cases, banks don’t have much discretion under the Credit Contracts and Consumer Finance Act to give quick loans and overdrafts in an emergency – the regulations simply don’t allow it.

Banking Association Chief Executive Roger Beaumont told Mike Hosking that the commission also recognised the impact of industry regulation. He says the regulation banks have been required to do is off the charts and has been a handbrake on innovation.

“We are pleased to see the commission recognises the significant impact regulation has on consumers,” said New Zealand Banking Association chief executive Roger Beaumont.

“Our banks embrace competition and support transparent and easy access to banking services for all New Zealanders. Banks will provide constructive feedback on the draft recommendations.”

“We are pleased to see the commission recognises the significant impact regulation has on consumers. Our banks embrace competition and support transparent and easy access to banking services for all New Zealanders.”

“Regulatory burden has been a real impost and barrier to innovation, and so if we can get some relief from some of those regulatory requirements, then it will allow banks to become able to spend more time and more resources on innovation.”

“But the most important thing you can do is to have a degree of caution and care about anything you do when paying money in an online environment,” Beaumont adds.