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“From the outset of the review we’ve said that nothing in the new code of banking practice is intended to reduce customers’ existing rights,” a spokesman said.

Spokesman Philip van Dyk clarified on Friday that it had decided it only made sense to release them “once we’ve finalised the code and responded to submitters. That way it’s clear how we’ve responded to submissions in the revised code,” he said.

“Adopting principles, rather than prescriptive rules, means banks will have to think carefully about how they’re meeting those customer commitments. That’s quite different from what’s required in Australia.”

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“It’s still early days, and we’d expect to see this technology continue to evolve in line with greater demand from merchants and consumers.”

The New Zealand Bankers’ Association today congratulated Adrian Orr on his appointment as the next Governor of the Reserve Bank of New Zealand.

“New Zealand is lucky that we have someone of the calibre of Mr Orr available and willing to do this job. He is extremely capable and at the same time grounded in the real issues that matter to New Zealanders.

“He is very well thought of within the worlds of economics and finance within New Zealand, and in his most recent role as CEO of the New Zealand Superannuation Fund led that organisation to a position of respect among global sovereign wealth funds which was out of all proportion to its size,” says New Zealand Bankers’ Association Chair and Westpac Chief Executive David McLean.

“We are delighted to see someone of Adrian Orr’s standing and experience appointed as the next Reserve Bank Governor. We look forward to working with him when he takes up the role,” says New Zealand Bankers’ Association Chief Executive Karen Scott-Howman.

Adrian Orr will take up the role of Reserve Bank Governor on 27 March 2018.

“I’d like to take the opportunity to thank Grant Spencer for his long service at the Reserve Bank, both as Deputy Governor and currently as Acting Governor,” says Scott-Howman.

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“It shows that banks are continuing to work closely with their agri clients. That’s not surprising given the high level of bank support for the agri sector.”

New Zealand Bankers’ Association chief executive Karen Scott-Howman said banks were responsible lenders and that would not change, no matter what the central bank’s rules were.

The New Zealand Bankers’ Association is encouraging people to get two-factor authentication in support of Cyber Smart Week.

“We all know it’s important to protect your PINs and passwords when it comes to banking. There’s also another way to fight financial crime and keep your money safe,” say New Zealand Bankers’ Association chief executive Karen Scott-Howman.

“Most banks now offer two-factor authentication, or 2FA, to access online banking or to authorise transactions over certain limits.

“In short, 2FA is an extra layer of protection on top of your password. With 2FA in place, if an attacker knows your password, they won’t necessarily be able to steal your money. It’s like having a second lock for your door.

“Banks do 2FA in different ways. Some send you codes by text message to approve certain transactions, while others use a device or token to provide an extra layer of security for you to access your accounts.

“It’s worth checking with your bank to see if they offer 2FA, and how to activate it.”

Two-factor authentication isn’t limited to online banking. It’s also available for other online accounts, including email, social media and shopping.

Cyber Smart Week runs from 27 November to 1 December and is organised by Cert NZ and Connect Smart. Turning on 2FA is one of four things Cyber Smart Week is encouraging people to do to be safer online. The others are:

Doing just one of these will make a difference.

For more information, see https://www.cert.govt.nz/cybersmart.

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