Justice Committee
Karen Scott-Howman, chief executive of the New Zealand Bankers’ Association, says the banks in New Zealand are really concerned about the crisis management between Australia and New Zealand.
This refers to the demand by the Reserve Bank of New Zealand that banks domiciled in New Zealand have separate computer back-up in place in case their parent banks, most of which are in Australia, should suffer a crisis. The estimated cost of this is between $NZ800 million and $NZ1 billion.
Your bank will reimburse you where someone accessed your electronic banking or your card without your authority, so long as you weren’t fraudulent or negligent, complied with their terms and conditions, and took reasonable steps to protect your banking.
“The current review of the Financial Advisers Act will build on these obligations to include more explicit customer-first obligations for financial advisers.
“We support this approach and are working closely with officials to help ensure a practical way of achieving this aim.”
Economic Development, Science and Innovation Committee
“It may be that since events like the Canterbury earthquakes more people are holding cash in case of emergencies. They may be keeping it on hand, but not using it for everyday transactions.”
“Our banks operate in a very competitive environment…The speed at which some banks have moved shows just how competitive they are.”
Last year banks spent $7.2 billion on operations and tax.
That’s $5.2 billion on operations, employing over 25,000 people and buying local goods and services, all while giving back to our communities through sponsorships and volunteering.
Customer trust and confidence in banks are essential to the industry’s ongoing success. For the last 25 years the Code of Banking Practice has played a crucial role in improving customer outcomes by setting minimum standards in what people can expect from their bank. The new Code aims to build on that solid foundation. It will create a simpler, more easily understood and relevant framework for even better banking in New Zealand.
“The good relationship between farmers and their banks is reflected in Federated Farmers’ banking satisfaction survey which consistently finds high levels of satisfaction among farmers,” she said.
Banks are responsible lenders and constantly assess the risk on their books, she said.