It has been claimed that this change will extinguish the rights of thousands of customers in contravention of the rule of law – all to protect the interests of two large Australian-owned banks. This is not correct. No rights will be extinguished. Debtors will still be able to claim from lenders for non-compliance under the disclosure regime.

Roger Beaumont, chief executive of the New Zealand Banking Association, which represents the country’s banking industry, said the confirmation of payee services that had been adopted by domestic banks weren’t applied to international payments.

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“In consultations with the Government, we have not expressed an industry view on API pricing because that’s ultimately a commercial matter for banks and third parties.”

The trial ended last July, with the New Zealand Banking Association saying it didn’t show a significant demand for the physical services with hub usage lower than many comparable regional branches or ATMs. Nonetheless most of the hub network remains in place, albeit hubs in Stoke and Ōpunake were closed. Remaining hubs include ones in Waimate, Whangamatā, Ōpōtiki, Martinborough and Twizel.

The New Zealand Banking Association, which has lobbied for change since 2015, welcomed the move. In comments shared with MPA, chief executive Roger Beaumont said: “Our members welcome the proposed amendments to the CCCFA. The amendments will bring helpful clarification and certainty to a confusing law.”

The New Zealand Banking Association has announced that banks are introducing new measures seeking to safeguard New Zealand consumers from criminal scammers and align the country with best practices around the world.

“It is important to note that consumers will still be protected, and lenders will still be appropriately held to account once the law is amended,” he said. “The changes simply confirm that, if a lender fails to meet their obligations, the courts can decide what is a ‘just and equitable’ outcome for that failure.”

The New Zealand Banking Association chief executive Roger Beaumont said the amendments would bring helpful clarification and certainty “to a confusing law”.

“These new scam protection measures are a huge step up in the fight against scams. Banks already do a lot to identify and help prevent scams, and these new measures will enhance tech solutions to help protect customers from increasingly sophisticated scams,” said NZBA chief executive Roger Beaumont.