- Bankers Association chief executive Roger Beaumont says switching banks is easy. “A customer’s new bank can arrange everything including transferring funds from the previous bank and setting up recurring payments to new accounts.” Beaumont says this can be done within five working days, and people don’t even need to talk to their previous bank.
- It could “ease any concerns in the community about competition and innovation in the banking industry”, New Zealand Bankers Association CEO Roger Beaumont said this week.
- NZ Bankers Association CEO Roger Beaumont gave an indication of the banks’ line of defence, saying they are among the country’s biggest businesses “so their profits look big” and they “also contribute their fair share to New Zealand”.
- The Association says intensified regulatory requirements have stymied innovation and hopes the Commerce Commission will also examine the regulatory environment in the course of the inquiry.
- “Last year banks made a net profit of $7.18 billion. They also spent $9.1 billion running their businesses and paying tax here. That’s a net positive contribution of $1.92 billion – before you take into account the contribution banks make in funding household and business needs, to the tune of $535 billion. Providing a return... Read more »
- “We believe the enquiry will ease any concerns in the community about competition and innovation in the banking industry,” said association CEO Roger Beaumont.
- “It’s a big number, but they are big businesses,” said Roger Beaumont, the chief executive of the New Zealand Banking Association. “You have got to remember the $7 billion is matched by the $9 billion that those businesses spent running their businesses and paying staff and paying tax and contributing to the economy in general.”
- “Our banks are transparent, and will engage constructively with the Commerce Commission. We have a competitive banking sector, with 16 retail banks operating in New Zealand and easy bank switching.”
- The New Zealand Banking Association said banks would engage with the market study, but chief executive Roger Beaumont did not think it was necessary in the first place. “We’ve got nothing to hide. It’s a highly regulated industry and we’re used to being very transparent and open because of that degree of regulation,” he said.
