- Bank lobby group the New Zealand Banking Association says it’ll provide an update in mid-December on the industry’s commitment, made in September, to a range of measures designed to combat scams and frauds being committed against bank customers.
- The Banking Association has released advice for online shoppers, urging people to go with trusted retailers. And there’s the adage – if it seems too good to be true, it probably is.
- While grabbing a bargain online was exciting, New Zealand Banking Association chief executive Roger Beaumont advised shoppers to “take a sec to check”. He said scammers used this time of year and shopping events such as Black Friday to target unsuspecting customers, especially online and through deals that seem “too good to be true”.
- “Scams go much wider than our industry, affecting government agencies, telcos, social media companies, and internet service providers. An anti-scam centre would provide a centralised and co-ordinated multi-sector approach to fighting scams from a New Zealand-wide perspective,” Beaumont said.
- “Without retrospective change, there is a real risk that a minor error in disclosure, which has no borrower impact and does not reflect irresponsible or poor lending practices, will have serious consequences,” the NZBA submission said.
- The seven hubs are part of a trial by the New Zealand Banking Association to find a new approach to providing banking services in rural areas. Six banks are involved – ANZ, ASB, BNZ, Kiwibank, TSB and Westpac.
- “Every time there’s a change, banks need to adjust their lending policies and processes and re-train staff. Part of developing quality regulation is making sure it’s fit for purpose the first time around.”
- New Zealand Banking Association chief executive Roger Beaumont told NZ Adviser that the drop in the number of new home loans was a likely reflection of the state of the housing market and wider economic conditions during the first half of 2023.
