Money mule scam warning
13/11/2013
People should be wary of transferring money on behalf of people they don’t know. The warning was issued today by the New Zealand Bankers’ Association in response to a new banking scam. In the latest scam people are contacted by strangers, by email, telephone or through social media sites, claiming they have accidently paid funds...
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Retirement income review provides practical way forward
08/10/2013
The New Zealand Bankers’ Association has today welcomed the Review of Retirement Income Policies discussion document released by the Commission for Financial Literacy and Retirement Income. “The discussion document contains several practical recommendations that, if implemented, will help New Zealanders better prepare for retirement. This is especially important as we face an ageing population that’s...
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Land for more houses good for Auckland housing supply
08/10/2013
A joint government and Auckland Council move today to make land available for 6000 new affordable houses in ten more special housing areas has been welcomed today by the New Zealand Bankers’ Association as a positive step in addressing the housing supply issue in Auckland. “The big issue in the Auckland housing market is a...
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Borrowers urged to talk to their bank as lending limits loom
26/09/2013
The New Zealand Bankers’ Association has urged prospective borrowers to talk to their bank as the Reserve Bank’s low equity lending restrictions come into force next week. Under the Reserve Bank’s new rules which take effect on October 1, banks must limit new residential mortgage lending with loan-to-value ratios (LVR) over 80% to no more...
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Consumer credit law should be well-targeted and enforced
16/09/2013
The New Zealand Bankers’ Association today welcomed the first reading of the Credit Contracts and Financial Services Law Reform Bill, and cautioned further work was needed to meet the Bill’s aims. “Quality regulation is well-targeted and properly enforced. That’s the outcome we’re looking for here,” said New Zealand Bankers’ Association chief executive Kirk Hope. The...
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Make a date with your money
29/08/2013
Make a date with your money 30.08.2013 The New Zealand Bankers’ Association is encouraging people to make a date with their money during Money Week, which runs from 1 to 7 September. “The idea is to set aside some time to take stock of your financial situation and make a plan for the future,” said...
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Bankers’ Association welcomes positive moves on business regulation
29/08/2013
The New Zealand Bankers’ Association has congratulated the government on two positive moves in the area of business regulation. Today a unique New Zealand Business Number is being rolled out, and earlier this week the Financial Markets Conduct Act passed. “A single reference number for all New Zealand companies will help businesses easily identify themselves...
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Banks will work hard to meet customer needs within new lending limits
19/08/2013
In response to the Reserve Bank imposing limits on higher loan-to-value ratio mortgage lending today, the New Zealand Bankers’ Association said banks would continue to work hard to meet their customers’ needs within the new restrictions. “People should be aware they may be declined loans because of the new restrictions imposed by the Reserve Bank....
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Bank fee court case may bring out scammers
01/07/2013
The banking industry is warning customers to be alert to a phishing scam capitalising on publicity around the legal action on bank fees. A class action against banks in Australia has seen a large number of customers targeted by fraudsters claiming to be from their bank. Typically, fraudsters inform customers that for a small payment...
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New anti-money laundering regime now in force
30/06/2013
All New Zealand banks are now required to comply with the new anti-money laundering regime, which came into force on 30 June. Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 all New Zealand banks have additional obligations to check customer identity and, in some cases, account activity. “The new regime applies to...
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