Banks welcome Anti-Scam Alliance
10/07/2025
The New Zealand Banking Association today welcomed the government’s establishment of the Anti-Scam Alliance. New Zealand Banking Association chief executive Roger Beaumont says: “We’ve been calling for a co-ordinated multi-sector approach to scam prevention and consumer protection since 2023. Today’s announcement is a good step in that direction. “For a long time we have encouraged...
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RNZ
New government ‘alliance’ formed to combat online scammers
10/07/2025
“Banks cannot fight scams alone,” he said. “Scams typically start when people are deceived by fake websites and search engine results, fake emails, texts, social media ads and chats, and phone calls, so there’s a role for telcos, social media companies and global tech platforms to help stop them in the first place.”
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Stuff
Cash comeback? Bill seeks to make retailers accept paper money again
08/07/2025
“At first glance, it appears to be more of an issue for retailers, many of whom no longer accept cash for security reasons and the costs of handling it.”
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Stuff
Government plays down request for advice on tax banks pay
07/07/2025
Banking Association chief executive Roger Beaumont said banks paid more than 22% of all corporate tax and if the Government was considering imposing extra taxes “we would hope they take into account the significant contribution banks already make to the economy, businesses, and households”.
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NZ Lawyer
Banks support proposed changes to fix ‘anomaly’ in consumer lending law
30/06/2025
“The Reserve Bank’s analysis helps to quantify the potential risk to New Zealand’s financial system if the law is not corrected,” said Roger Beaumont.
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NZ Adviser
Product suitability, complaints, OCR moves in the FMA spotlight
28/06/2025
“Our banks take compliance with the law extremely seriously and have spent significant time and resources to develop and implement their FCPs. They’ll also continue to work closely with the FMA on the takeaways for banks raised in the report.”
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RNZ
Banks warn lending disclosure regulations threaten financial system
26/06/2025
“Between 2015 and 2019 any lender who even made a small mistake in the information provided to customers, like getting their phone number wrong, could, on one interpretation, be required to repay all the interest and fees paid until the error was corrected,” Beaumont said.
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NZ Adviser
$12.9bn lending law risk threatens NZ financial system – RBNZ
26/06/2025
“The Reserve Bank’s analysis helps to quantify the potential risk to New Zealand’s financial system if the law is not corrected. It reveals a risk of almost $13 billion in cases of incorrect disclosure where consumers may have suffered no harm. That’s money that cannot be used to lend to consumers, businesses, and farmers.”
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Lending law poses $12.9 billion threat to financial system
25/06/2025
Modelling by the Reserve Bank estimates current consumer lending law could have a $12.9 billion impact on the financial system, with the potential for an even more severe impact. Under the Credit Contracts and Consumer Finance Act lenders must provide borrowers with information about their loan. Between 2015 and 2019 any lender who even made...
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NZ Herald
Why Govt made a retrospective law change affecting a bank class action against ASB and ANZ
24/06/2025
“In a worst-case (but not fanciful) scenario, an error in a disclosure document, which has not caused any harm to consumers, could create a liability that threatens the solvency of the lender with adverse outcomes for depositors, shareholders, and the New Zealand financial system as a whole,” the association told the minister at the time,...
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