Ministry of Business, Innovation and Employment (more…)

Ministry of Justice (more…)

Banking Association Chief Executive Roger Beaumont said the announcement was a step in the right direction, and it was currently working with its 17 members to develop a response to the proposals.

“The committee has carried out a thorough investigation of consumer and rural banking in New Zealand today. The focus on regulatory barriers to increased competition, and what regulators can do to improve that, is especially good to see,” New Zealand Banking Association chief executive Roger Beaumont.

Economic Development, Science and Innovation Committee (more…)

Banking Association chief executive Roger Beaumont told a select committee earlier this month that any lender making any mistake, such as “getting a phone number wrong”, could be subject to draconian penalties that went far beyond compensating borrowers for their actual losses.

Ministry of Business, Innovation and Employment (more…)

New Zealand Banking Association chief executive Roger Beaumont said banks are responsible lenders. They typically have dedicated teams to deal with those experiencing financial difficulty and mortgagee sales were “rare and always a last resort”.

Roger Beaumont, CEO of the New Zealand Banking Association, defended the proposed amendment: “Between 2015 and 2019, any lender who even made a small mistake… could be subject to a draconian provision in the law.”

“That consequence would be totally out of proportion with the technical legal breach, especially if there was no harm to the consumer who was happily enjoying their new home or car thanks to a bank loan.”