“While the FMA and RBNZ review into banking conduct last year found no evidence of widespread misconduct, the industry believes that trust is central to customer relationships and welcomes any moves to improve this.”
“We will also work closely with the government on the recently announced fast-tracking of regulation for further customer protection in the financial sector.”
Treasury and the Reserve Bank of New Zealand
Priority amounts are a dollar amount that mortgagees set in their mortgage terms and conditions, set by banks’ internal credit policies. The dollar amount reflects the maximum amount that the mortgagee can recover ahead of other mortgagees if there is a mortgagee sale.
Roger Beaumont has today been named as Chief Executive of the New Zealand Bankers’ Association, the organisation that represents the New Zealand banking industry.
NZBA Chair David McLean, CEO of Westpac, says they are delighted to have been able to appoint someone with such strong credentials in both the banking sector and stakeholder management area, which Roger possesses.
“Roger has an extensive career at an executive level in banking, corporate affairs and media, and is extremely well respected within both the public and private sectors of New Zealand, which is important in a role such as this.”
David McLean also acknowledges the superb job done by current Acting Chief Executive Antony Buick-Constable.
“Antony and the team have worked through a number of serious issues and reviews in recent times, and I particularly want to acknowledge the work they have done in the area of financial inclusion.
“The banking industry as a whole is facing many ongoing challenges around competition, regulation and cyber security. The Bankers’ Association has an extremely important job to do to ensure all stakeholders, and customers have confidence in the work we undertake.”
Roger Beaumont will take up his new position on 21 January 2019.
ENDS
Reserve Bank of New Zealand
State Services Commission
Reserve Bank stress tests show banks can withstand a 40 per cent fall in house prices.
Buffers ensure banks have sufficient capital to get through a serious economic downturn. However, too large a buffer limits banks’ ability to innovate and enhance customer outcomes.
New Zealand Bankers’ Association acting chief executive Antony Buick-Constable said: “New Zealand’s banks are currently very well capitalised and among the most stable and secure in the world.”