RNZ
New government ‘alliance’ formed to combat online scammers
10/07/2025
“Banks cannot fight scams alone,” he said. “Scams typically start when people are deceived by fake websites and search engine results, fake emails, texts, social media ads and chats, and phone calls, so there’s a role for telcos, social media companies and global tech platforms to help stop them in the first place.”
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Stuff
Cash comeback? Bill seeks to make retailers accept paper money again
08/07/2025
“At first glance, it appears to be more of an issue for retailers, many of whom no longer accept cash for security reasons and the costs of handling it.”
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Stuff
Government plays down request for advice on tax banks pay
07/07/2025
Banking Association chief executive Roger Beaumont said banks paid more than 22% of all corporate tax and if the Government was considering imposing extra taxes “we would hope they take into account the significant contribution banks already make to the economy, businesses, and households”.
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NZ Lawyer
Banks support proposed changes to fix ‘anomaly’ in consumer lending law
30/06/2025
“The Reserve Bank’s analysis helps to quantify the potential risk to New Zealand’s financial system if the law is not corrected,” said Roger Beaumont.
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NZ Adviser
Product suitability, complaints, OCR moves in the FMA spotlight
28/06/2025
“Our banks take compliance with the law extremely seriously and have spent significant time and resources to develop and implement their FCPs. They’ll also continue to work closely with the FMA on the takeaways for banks raised in the report.”
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RNZ
Banks warn lending disclosure regulations threaten financial system
26/06/2025
“Between 2015 and 2019 any lender who even made a small mistake in the information provided to customers, like getting their phone number wrong, could, on one interpretation, be required to repay all the interest and fees paid until the error was corrected,” Beaumont said.
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NZ Adviser
$12.9bn lending law risk threatens NZ financial system – RBNZ
26/06/2025
“The Reserve Bank’s analysis helps to quantify the potential risk to New Zealand’s financial system if the law is not corrected. It reveals a risk of almost $13 billion in cases of incorrect disclosure where consumers may have suffered no harm. That’s money that cannot be used to lend to consumers, businesses, and farmers.”
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NZ Herald
Why Govt made a retrospective law change affecting a bank class action against ASB and ANZ
24/06/2025
“In a worst-case (but not fanciful) scenario, an error in a disclosure document, which has not caused any harm to consumers, could create a liability that threatens the solvency of the lender with adverse outcomes for depositors, shareholders, and the New Zealand financial system as a whole,” the association told the minister at the time,...
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RNZ
Why you can’t deposit cash into someone else’s account at the bank
16/06/2025
“The law aims to stop people trying to disguise the origin of criminal profits, such as drug trafficking or fraud,” he said. “Under the law, there are rules about verifying the source of the funds, and the identity of the person paying and the recipient.
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Business Desk
Lenders push KiwiSaver withdrawals, refer borrowers in trouble to volunteer organisations
13/06/2025
“There are several options that banks may offer in providing assistance to these customers, depending on their particular circumstances. That may, for example, include temporarily moving to interest-only repayments or suspending all repayments.”
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