MPA
Banking titans on cusp of major legal victory after shock Luxon intervention
28/04/2025
The New Zealand Banking Association, which has lobbied for change since 2015, welcomed the move. In comments shared with MPA, chief executive Roger Beaumont said: “Our members welcome the proposed amendments to the CCCFA. The amendments will bring helpful clarification and certainty to a confusing law.”
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NZ Lawyer
Banks update consumer safeguards and compensation for scams
28/04/2025
The New Zealand Banking Association has announced that banks are introducing new measures seeking to safeguard New Zealand consumers from criminal scammers and align the country with best practices around the world.
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AFR
New Zealand proposes law change to deliver CBA, ANZ major legal win
27/04/2025
“It is important to note that consumers will still be protected, and lenders will still be appropriately held to account once the law is amended,” he said. “The changes simply confirm that, if a lender fails to meet their obligations, the courts can decide what is a ‘just and equitable’ outcome for that failure.”
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The Australian
NZ in ‘extraordinary’ push to deliver Aussie banks big legal win
27/04/2025
The New Zealand Banking Association chief executive Roger Beaumont said the amendments would bring helpful clarification and certainty “to a confusing law”.
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NZ Adviser
NZ banks roll out stronger scam protections and new compensation model
26/04/2025
“These new scam protection measures are a huge step up in the fight against scams. Banks already do a lot to identify and help prevent scams, and these new measures will enhance tech solutions to help protect customers from increasingly sophisticated scams,” said NZBA chief executive Roger Beaumont.
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RNZ
Code of Banking Practice updated to better protect from scams
24/04/2025
Banks may have to reimburse scam victims up to $500,000 under new measures being rolled out in the sector. New Zealand Banking Association chief executive Roger Beaumont spoke to Charlotte Cook.
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Newstalk ZB
Banking Association rolls out safeguards to reduce risk of scams
24/04/2025
Telco companies and digital platforms need to step up to protect people from scams. That’s the message from the New Zealand Banking Association as they roll out a new suite of their own protective measures.
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TVNZ
NZ banks to reimburse some scam victims up to $500,000
24/04/2025
Where a bank fails to meet the five new commitments, institutions will compensate all or part of the loss for eligible customers. Banks will also retain the discretion to pay compensation beyond what is set out in the code.
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Interest.co.nz
NZ banks stepping up moves to protect customers from scams with reimbursement for victims of up to $500k, but warn they can’t take on full liability for scam losses beyond their control
23/04/2025
“Banks will use this time to ensure the new consumer protections work well from the start. That includes designing and implementing changes to each bank’s systems, processes, and staff training, alongside other change priorities. The updated Code of Banking Practice will go live on 30 November 2025 once all the new measures are in place.”
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RNZ
New Zealand Banking Association updating practice code to better prevent scams
23/04/2025
“Banks are stepping up their customer protections and will be accountable for those measures, but they cannot take on full liability for scam losses that are beyond their control and may, for example, start with a fake ad or chat on social media, or a fake search engine result,” he said.
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