Banking industry welcomes CCCFA Amendment Bill first reading
20/05/2025
The banking industry welcomes the first reading of the Credit Contracts and Consumer Finance Amendment Bill. This includes an important adjustment to limit the risk of excessive consequences for minor disclosure breaches. “We believe the change proposed in the amendment bill is fair as it simply tidies up the existing legislation to ensure that all...
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Banks step up customer scam protections and compensation
23/04/2025
New Zealand’s banks are bringing in a suite of new measures aligned with global best practice to further protect New Zealanders from criminal scammers. The New Zealand Banking Association today announced a suite of consumer protections that will be progressively rolled out over the next seven months. The banks’ consumer protections will include: Pre-transaction warnings...
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Home lending up
14/04/2025
Retail banking insights released today by the New Zealand Banking Association showed both the number and value of home loans in the second half of 2024 increased significantly compared to the first half. The insights show there were 56,938 new home loans in July to December 2024, up 21% from the previous six months. The...
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Banks to start rolling out Confirmation of Payee in November
09/10/2024
New Zealand’s retail banks will start rolling out the new Confirmation of Payee service by the end of November this year, says the New Zealand Banking Association. It will be a phased delivery to customers to ensure proper testing and customer satisfaction. Confirmation of Payee will provide bank customers with an extra level of reassurance...
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Bank customers resilient in the face of economic headwinds
07/10/2024
Bank customers are managing their money relatively well in the current economic conditions according to retail banking insights released today by the New Zealand Banking Association. The insights from January to June this year showed customers continued to use credit cards prudently and were maintaining home loan repayments. Of the 2.23 million customers who had...
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Banks increase funding to support farmers in need
25/09/2024
Banks are stepping up to fully fund the Farm Business Advice Fund for farmers who are under considerable business pressure, as well as continuing their sponsorship of the National Rural Support Trust. The Farm Business Advice Fund was established in 2020 to provide up to $6,000 for farmers in need to obtain financial or business...
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Banking industry welcomes spotlight on regulatory barriers to competition
19/08/2024
The New Zealand Banking Association today welcomed the Commerce Commission’s final report on its market study into personal banking services, especially its focus on regulatory barriers to increased competition in the sector. New Zealand Banking Association chief executive Roger Beaumont says: “The Commission has taken a well-informed and considered approach to the market study, which...
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Banks welcome removal of consumer lending regulations
30/07/2024
The banking industry welcomes the government’s removal of affordability regulations under the Credit Contracts and Consumer Finance Act, and update of the Responsible Lending Code, to help improve access to lending. New Zealand Banking Association chief executive Roger Beaumont says: “We are pleased to see the removal of overly prescriptive affordability assessments. This will help...
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Banks extend commitment to keep regional branches open for three more years
31/05/2024
New Zealand’s five largest banks will extend their current commitment not to close regional branches for the next three years, as part of the conclusion of the regional banking hubs trial. “Banks understand their importance as part of the fabric of regional New Zealand,” says New Zealand Banking Association chief executive Roger Beaumont. “That’s why our...
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Banks on track to start confirmation of payee roll out
29/04/2024
New Zealand’s retail banks are on track to start rolling out a confirmation of payee service by the end of the year, says the New Zealand Banking Association. “We’ve just completed a competitive selection process and now have a preferred provider for the service. We won’t be able to announce the name of that provider...
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