NZ Herald
Scams: It’s important we protect vulnerable people – Editorial
09/06/2025
The good news is that the New Zealand Banking Association is introducing new protections by November. Changes include banks being required to reimburse fraud victims up to $500,000 if they meet certain criteria, and new technology to identify risky or unusual customer transactions.
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NZ Lawyer
Three financial reform bills to rebalance the system undergo first readings
27/05/2025
“Currently any minor breach in a disclosure document, such as a wrong address, for the years 2015 to 2019 may require a full refund of interest and fees. That is not fair or proportionate compensation for customers who may not have suffered any material impact to their finances.”
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NZ Adviser
Banking sector supports CCCFA amendment to fix unfair penalties
22/05/2025
“We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all breaches from 2015 to 2019 are treated the same as those currently.”
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Stuff
Fixing faulty legislation, not protecting big banks, the goal of these law changes
15/05/2025
It has been claimed that this change will extinguish the rights of thousands of customers in contravention of the rule of law – all to protect the interests of two large Australian-owned banks. This is not correct. No rights will be extinguished. Debtors will still be able to claim from lenders for non-compliance under the...
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RNZ
New Zealand banks unable to catch all mistaken transfers through human error
14/05/2025
Roger Beaumont, chief executive of the New Zealand Banking Association, which represents the country’s banking industry, said the confirmation of payee services that had been adopted by domestic banks weren’t applied to international payments.
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NZ Herald
‘Rip-off’: App developer and Consumer say fees will stifle open banking and create roadblocks for start-ups
08/05/2025
“In consultations with the Government, we have not expressed an industry view on API pricing because that’s ultimately a commercial matter for banks and third parties.”
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Interest.co.nz
In new rural banking trial, Westpac NZ is sending a van between regional towns
29/04/2025
The trial ended last July, with the New Zealand Banking Association saying it didn’t show a significant demand for the physical services with hub usage lower than many comparable regional branches or ATMs. Nonetheless most of the hub network remains in place, albeit hubs in Stoke and Ōpunake were closed. Remaining hubs include ones in Waimate, Whangamatā, Ōpōtiki,...
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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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