NBR
Banking first sector to come under consumer data right mechanism
09/11/2022
“Because of the weight of other regulation and compliance falling on banks at the moment – such as the new conduct regime and increased capital requirements, along with staffing and other supply chain constraints – we’ve told the Government that banks need time to enable quality products that will excite New Zealand consumers. This will take some...
Read Article
Reuters
New Zealand government to introduce ‘open banking’ for consumers
09/11/2022
New Zealand Bankers’ Association chief executive Roger Beaumont said it is important to get the open data sharing right for consumers and they needed time to implement. “There may also be lessons from other countries the government could take into account as it develops the legal framework.”
Read Article
Newshub
Expert disappointed open banking at least two years away
09/11/2022
Roger Beaumont from the New Zealand Bankers’ Association said it’s “really important to get it right because if you get it wrong there are some serious implications”.
Read Article
TVNZ
Some experts divided on open banking
09/11/2022
“New Zealanders have plenty of choice already, we don’t actually need open banking for there to be competition and choice for New Zealanders.”
Read Article
Newsroom
Open banking will give control to customers – but it comes with risks
09/11/2022
But NZ Bankers’ Association chief executive Roger Beaumont says it’s important we get it right. With so much new regulation and compliance, banks have told the Government they need time to implement challenges such as customer privacy and data security.
Read Article
Business Desk
Mixed reaction to Adrian Orr reappointment
07/11/2022
“The banking industry worked closely with him in the early response to covid and was grateful for his support for banks to offer customers deferred or reduced repayments for around $70 billion in loans.”
Read Article
NZ Herald
Banks unfair?
04/11/2022
Last year they made a direct contribution of $8.52 billion to the New Zealand economy by spending $6.12 billion running their businesses here and by paying $2.4 billion in tax. The total contribution is more than their combined profits.
Read Article
NZ Herald
Negative equity and rising mortgage rates: Should we be worried?
04/11/2022
People who were facing any significant change in circumstance that would cause them difficulty paying their mortgage – such as losing their job – should ring their bank immediately.
Read Article
Stuff
Banks’ big profits ‘mean they have duty to help struggling borrowers’
03/11/2022
“Banks are responsible lenders and when assessing a loan application they apply higher ‘serviceability’ rates to see if you could still repay the loan if interest rates go up. So typically, there’s a buffer already built in for borrowers.”
Read Article
Stuff
Banks’ big profits ‘mean they have duty to help struggling borrowers
02/11/2022
“Anyone experiencing financial difficulty should contact their bank to discuss their options. The sooner you talk to your bank, the more likely they’ll be able to help. Options could include lengthening the term of your loan, to reduce the amount of regular repayments. In some cases, temporarily moving to interest-only repayments may also be an...
Read Article
