- “We will work closely with the government and regulators to develop and implement the new requirements,” New Zealand Bankers’ Association chief executive Roger Beaumont stated.
- “Since last year’s Bank Conduct and Culture Review all banks have committed to removing sales incentives for frontline salespeople and their managers. While that review found no evidence of widespread misconduct and culture issues across the industry here we accept there’s work to do to put better systems and processes in place to ensure good... Read more »
- In its submission on the Farm Debt Mediation Bill presented to the Primary Production Select Committee the Bankers Association said it supports the Bill, which has the potential to shorten the amount of time taken to get a resolution and avoid the need for creditor enforcement.
- New Zealand Bankers’ Association chief executive Roger Beaumont suggested the policy was needless as New Zealand currently has “one of the fastest bank switching processes in the world”.
- The Bankers’ Association highlighted in its submission: “continual discussions and negotiations between lenders and with their farming customers is the norm in a banking relationship and in the event there is a dispute that warrants having a formal process with an independent “circuit breaker” involved, members would actively encourage mediation (regardless of the statutory scheme)”.
- New Zealand Bankers’ Association chief executive Roger Beaumont confirmed that banks might shorten mortgage for properties that are at risk. He also raised the issue of insurance, saying without insurance banks won’t approve a home loan.
- “It’s a good idea to calculate the potential interest rate savings for the balance of the fixed period against the break cost. Then you can make a carefully considered decision and not just chase a cheaper rate. Your bank should be able to help with this comparison.”
