- The individual work plans for each bank have all been signed off at the highest level. That means there is buy-in from the very top of these financial institutions to make sure they’re meeting regulator and public expectations.
- All banks with sales incentives have committed to remove or address them for frontline salespeople and their managers, with some having already removed sales incentives.
- New Zealand Bankers’ Association members have committed $1 million to the Our People, Our City Fund, which will meet the immediate and long term needs of the families most directly affected.
- The New Zealand banking industry has donated $1 million to those affected by the 15 March shooting in Christchurch that claimed the lives of 50 people.
- “While the FMA and RBNZ review into banking conduct last year found no evidence of widespread misconduct, the industry believes that trust is central to customer relationships and welcomes any moves to improve this.”
- “We will also work closely with the government on the recently announced fast-tracking of regulation for further customer protection in the financial sector.”
- Priority amounts are a dollar amount that mortgagees set in their mortgage terms and conditions, set by banks’ internal credit policies. The dollar amount reflects the maximum amount that the mortgagee can recover ahead of other mortgagees if there is a mortgagee sale.
- Buffers ensure banks have sufficient capital to get through a serious economic downturn. However, too large a buffer limits banks’ ability to innovate and enhance customer outcomes.
