Consumer NZ
Scams: Should your bank be liable for losses?
07/07/2023
NZBA chief executive Roger Beaumont believes that broadening the Code of Banking Practice to cover APP scams would mean “banks take on all or most of the risk of customer decisions, meaning customers have little incentive or responsibility to protect their money. This could lead to much greater fraud losses.”
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Consumer NZ
Scams: Should your bank be liable for losses?
06/07/2023
NZBA chief executive Roger Beaumont believes that broadening the Code of Banking Practice to cover APP scams would mean “banks take on all or most of the risk of customer decisions, meaning customers have little incentive or responsibility to protect their money. This could lead to much greater fraud losses.”
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Stuff
Digital disruptor Revolut takes a swipe a high profits of ‘legacy’ banks
02/07/2023
But it is not a member of the Banking Association Te Rangapū Pekē, whose member banks promise to reimburse fraud losses for customers who were not dishonest or negligent, complied with their banks’ terms and conditions for electronic banking or card use, and took reasonable steps to protect their banking.
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Newsroom
Commerce Commission should probe ‘stubbornly’ high remittance costs
02/07/2023
“The Commerce Commission will determine the scope of the market study. Banks are open and transparent and will participate fully in the areas the Commission wishes to look at.”
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NZ Herald
Consumer NZ boss Jon Duffy wants New Zealand banks forced to refund Kiwi scam victims
02/07/2023
“To address this properly we need all parties involved including, for example, global tech companies, telcos, internet service providers, government agencies, dispute resolution services, and consumer representatives and advocates.” Matching accounts and names with the customer’s intended recipient had privacy implications that would need to be overcome, Beaumont said.
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Stuff
Report accuses banks of making life unreasonably hard for smaller charities and not-for-profits
01/07/2023
Banking Association Te Rangapū Pēke chief executive Roger Beaumont sought to cast the issues raised as being caused by anti-money laundering laws.
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NZ Herald
Building industry downturn likened to GFC as new residential house numbers plummet
30/06/2023
“Each bank also has its own risk management and lending policies and will assess each loan application within that framework. One bank’s risk appetite may be different from another so it’s worth shopping around.”
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KPMG
Peak interest rates and the long road ahead
28/06/2023
With interest rates rising sharply to combat inflation and the cost of living, combined with severe flooding and cyclone damage in the North Island, the first half of 2023 has been eventful to say the least. While some commentators are saying the cost of borrowing appears to have peaked, what lies in store for consumers...
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Stuff
Rising threat of bad loans pushes bank profits down for first time in almost two years
28/06/2023
“Depending on the circumstances involved, options may include temporarily moving to interest-only repayments, or restructuring the loan over a longer term to reduce regular repayment amounts.”
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RNZ
Bank profits fall to lowest level in 18 months
28/06/2023
The head of the Banking Association, Roger Beaumont, said many households had cushioned themselves from the impact of rising rates and a slowing economy by getting ahead in mortgage repayments.
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