Interest.co.nz
‘It doesn’t mean we hate you’: Commerce Commission Chairman John Small on banking, market studies and why he joined the competition watchdog
25/06/2023
The NZBA said in recent years the industry had seen bank teams tied up with significant regulatory requirements, limiting the ability to focus on new product development. “We hope the Commerce Commission will look closely at the regulatory environment as part of its study.”
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Finance News Network
New Zealand launches inquiry into Australian-dominated banking sector
24/06/2023
“We believe the inquiry will ease any concerns in the community about competition and innovation in the banking industry,” he said. “We have a competitive banking sector, with 16 retail banks operating in New Zealand and easy bank switching.”
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Good Returns
Culture and conduct not part of bank competition study
24/06/2023
Bankers Association chief executive Roger Beaumont says switching banks is easy. “A customer’s new bank can arrange everything including transferring funds from the previous bank and setting up recurring payments to new accounts.” Beaumont says this can be done within five working days, and people don’t even need to talk to their previous bank.
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AFR
Australian banks face the wrath of New Zealand’s competition regulator
23/06/2023
It could “ease any concerns in the community about competition and innovation in the banking industry”, New Zealand Bankers Association CEO Roger Beaumont said this week.
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Banking Day
Inquiry into competitiveness of NZ retail banking market
21/06/2023
NZ Bankers Association CEO Roger Beaumont gave an indication of the banks’ line of defence, saying they are among the country’s biggest businesses “so their profits look big” and they “also contribute their fair share to New Zealand”.
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Newstalk ZB
Banking sector welcomes CommComm study, stands by its practises
21/06/2023
Banking Association Chief Executive Roger Beaumont told Mike Hosking the banking sector welcomes the study and stands by its practises.
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Big NZ banks making profits of $300-per-second
21/06/2023
The Association says intensified regulatory requirements have stymied innovation and hopes the Commerce Commission will also examine the regulatory environment in the course of the inquiry.
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Good Returns
Competitiveness of banks under the spotlight
20/06/2023
“Last year banks made a net profit of $7.18 billion. They also spent $9.1 billion running their businesses and paying tax here. That’s a net positive contribution of $1.92 billion – before you take into account the contribution banks make in funding household and business needs, to the tune of $535 billion. Providing a return...
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Reuters
New Zealand to investigate profitability, competition at banks
20/06/2023
“We believe the enquiry will ease any concerns in the community about competition and innovation in the banking industry,” said association CEO Roger Beaumont.
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Newshub
Banks’ response to Government’s inquiry called ‘fantasy-land comment’ by competition advocate
20/06/2023
“It’s a big number, but they are big businesses,” said Roger Beaumont, the chief executive of the New Zealand Banking Association. “You have got to remember the $7 billion is matched by the $9 billion that those businesses spent running their businesses and paying staff and paying tax and contributing to the economy in general.”
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