Stuff
Digital disruptor Revolut takes a swipe a high profits of ‘legacy’ banks
02/07/2023
But it is not a member of the Banking Association Te Rangapū Pekē, whose member banks promise to reimburse fraud losses for customers who were not dishonest or negligent, complied with their banks’ terms and conditions for electronic banking or card use, and took reasonable steps to protect their banking.
Read Article
Newsroom
Commerce Commission should probe ‘stubbornly’ high remittance costs
02/07/2023
“The Commerce Commission will determine the scope of the market study. Banks are open and transparent and will participate fully in the areas the Commission wishes to look at.”
Read Article
NZ Herald
Consumer NZ boss Jon Duffy wants New Zealand banks forced to refund Kiwi scam victims
02/07/2023
“To address this properly we need all parties involved including, for example, global tech companies, telcos, internet service providers, government agencies, dispute resolution services, and consumer representatives and advocates.” Matching accounts and names with the customer’s intended recipient had privacy implications that would need to be overcome, Beaumont said.
Read Article
Stuff
Report accuses banks of making life unreasonably hard for smaller charities and not-for-profits
01/07/2023
Banking Association Te Rangapū Pēke chief executive Roger Beaumont sought to cast the issues raised as being caused by anti-money laundering laws.
Read Article
NZ Herald
Building industry downturn likened to GFC as new residential house numbers plummet
30/06/2023
“Each bank also has its own risk management and lending policies and will assess each loan application within that framework. One bank’s risk appetite may be different from another so it’s worth shopping around.”
Read Article
KPMG
Peak interest rates and the long road ahead
28/06/2023
With interest rates rising sharply to combat inflation and the cost of living, combined with severe flooding and cyclone damage in the North Island, the first half of 2023 has been eventful to say the least. While some commentators are saying the cost of borrowing appears to have peaked, what lies in store for consumers...
Read Article
Stuff
Rising threat of bad loans pushes bank profits down for first time in almost two years
28/06/2023
“Depending on the circumstances involved, options may include temporarily moving to interest-only repayments, or restructuring the loan over a longer term to reduce regular repayment amounts.”
Read Article
RNZ
Bank profits fall to lowest level in 18 months
28/06/2023
The head of the Banking Association, Roger Beaumont, said many households had cushioned themselves from the impact of rising rates and a slowing economy by getting ahead in mortgage repayments.
Read Article
Interest.co.nz
‘It doesn’t mean we hate you’: Commerce Commission Chairman John Small on banking, market studies and why he joined the competition watchdog
25/06/2023
The NZBA said in recent years the industry had seen bank teams tied up with significant regulatory requirements, limiting the ability to focus on new product development. “We hope the Commerce Commission will look closely at the regulatory environment as part of its study.”
Read Article
Finance News Network
New Zealand launches inquiry into Australian-dominated banking sector
24/06/2023
“We believe the inquiry will ease any concerns in the community about competition and innovation in the banking industry,” he said. “We have a competitive banking sector, with 16 retail banks operating in New Zealand and easy bank switching.”
Read Article
