“We will work closely with the government and regulators to develop and implement the new requirements,” New Zealand Bankers’ Association chief executive Roger Beaumont stated.
The New Zealand Bankers’ Association today welcomed the government’s announcement to introduce a new regime for financial service providers to ensure fairer treatment for customers.
“Banks want to treat their customers fairly. It’s good for customers and good for business. We welcome further steps to help ensure we’re doing that. We will work closely with the government and regulators to develop and implement the new requirements,” says New Zealand Bankers’ Association chief executive Roger Beaumont.
“Since last year’s Bank Conduct and Culture Review all banks have committed to removing sales incentives for frontline salespeople and their managers.
“While that review found no evidence of widespread misconduct and culture issues across the industry here we accept there’s work to do to put better systems and processes in place to ensure good customer outcomes. We’re working hard to do that.”
“Bank customers can fully expect to be treated fairly by their banks. It’s a commitment that banks already make in the Code of Banking Practice.
“The banking industry understands the high standards expected by their customers and are prepared to meet those standards.
“This is an important step for the broader financial services sector.
“We look forward to working with officials to ensure the legislation is practical and achieves its objectives,” says Beaumont.
ENDS
The banking industry will provide hands-on skills to support the School Leavers’ Toolkit by making staff available to teach the financial literacy component, as required.
The New Zealand Bankers’ Association has been involved in the development of the toolkit since it began, providing ideas, specialist expertise and content approval for the financial literacy component.
Banks will continue to be involved. Bank staff will be available to come in and support schools to deliver the toolkit, if schools request this, providing expert knowledge and hands-on experience. Bank experts will also continue to contribute to the next phase of the toolkit.
“Financial literacy is an essential part of raising our kids to have the skills to thrive in the modern world. From basic concepts such as savings accounts to more complex areas like compound interest, the toolkit will get New Zealand kids off to a good start,” says New Zealand Bankers’ Association chief executive Roger Beaumont.
“Almost all New Zealand banks have financial literacy programmes, aimed at a variety of ages, from primary school to adult education. Supporting the toolkit is a natural extension of this work.
“We’re delighted to have been involved in the toolkit so far and look forward to helping with its future development. Bank staff will be happy to help teach it and bring financial literacy to life,” Roger Beaumont says.
The School Leavers’ Toolkit is a government initiative that will provide core skills sets for students leaving school, including civics and citizenship, employability skills, wellbeing and financial literacy.
ENDS
“Since last year’s Bank Conduct and Culture Review all banks have committed to removing sales incentives for frontline salespeople and their managers. While that review found no evidence of widespread misconduct and culture issues across the industry here we accept there’s work to do to put better systems and processes in place to ensure good customer outcomes.”
“You can be confident that the person you’re talking to is not being incentivised in any way to sell you a product or service.”
“Banks want to treat their customers fairly. It’s good for customers and good for business.”
Treasury and the Reserve Bank of New Zealand
NZBA said that it supported openness and transparency and was pleased the central bank had accepted that only actual material breaches be published.
Treasury and the Reserve Bank of New Zealand
In its submission on the Farm Debt Mediation Bill presented to the Primary Production Select Committee the Bankers Association said it supports the Bill, which has the potential to shorten the amount of time taken to get a resolution and avoid the need for creditor enforcement.