Ministry of Business, Innovation and Employment (more…)

“There’s also legislation in the pipeline to help people safely share their banking information with other service providers, which will support even more competition,” Beaumont said.

“The industry would welcome the opportunity to discuss bank profits and the contribution banks make to support the New Zealand economy, households and businesses,” NZ Banking Association chief executive Roger Beaumont said.

“If you wanted to switch banks today you would simply go into the new bank and sign an authorisation form and all of that process would happen behind the scenes within five working days,” said Roger Beaumont of the New Zealand Banking Association.

“The industry would welcome the opportunity to discuss bank profits and the contribution banks make to support the New Zealand economy, households and businesses,” Beaumont said. “There’s also legislation in the pipeline to help people safely share their banking information with other service providers, which will support even more competition.”

Reserve Bank of New Zealand (more…)

“There’s also legislation in the pipeline to help people safely share their banking information with other service providers, which will support even more competition.”

Banks are back under the microscope as the Government faces mounting pressure to investigate their eyewatering profits.

A spokesperson for the NZ Banking Association said it would be a matter for the government.

The New Zealand Banking Association in October submitted to the Ministry of Business, Innovation and Employment about introducing a permanent exemption to enable banks to provide customers with emergency credit in cases like natural disasters.