Banks supporting customers against economic abuse
23/11/2022
Banks are working to help customers experiencing economic abuse, says the New Zealand Bankers’ Association today ahead of International Economic Harm Awareness Day on November 26th. Economic abuse is a form of family violence that can affect anyone, regardless of their personal circumstances or background and, like other forms of family violence, it predominantly impacts...
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Stuff
Banking not made simple for 97-year-old man in rural Taranaki town
19/11/2022
“The hubs trial is designed for small communities that no longer support bank branches due to lack of customer demand, or never had them. Stratford still has a bank branch. Locals who prefer face to face banking may wish to consider switching to that bank. Switching is easy and quick, with the new bank taking...
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NZ Herald
Accreditation warning over move to bring in open banking
16/11/2022
“Our research shows that around two-thirds of New Zealanders think sharing your banking information with third parties to access other financial services is either a bad idea or they don’t understand it,” CEO Roger Beaumont said.
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Interest.co.nz
Reserve Bank outlines design plans for tool it could enforce on banks to limit the debt-to-income ratio of home buyers
09/11/2022
Introduction of the tool has also been opposed by banks, with bank lobby group the New Zealand Bankers’ Association maintaining “there’s a real risk of adverse customer impact” if the RBNZ introduces a DTI tool.
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NZ City
A suggestion there’s a need for a public awareness campaign on open banking
09/11/2022
Bankers’ Association Chief Executive Roger Beaumont says their research indicates about two-thirds of Kiwis are opposed to the concept of open banking, or don’t understand it. He says that means there’s an obligation on the Government, who are setting this up, to educate people on what it means.
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NZ Herald
Government to make it easier to switch banks, forcing banks to share consumer data on request
09/11/2022
Beaumont warned that the weight of other banking regulation being imposed by government and the Reserve Bank meant that banks would “need time to enable quality products that will excite New Zealand consumers”.
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NBR
Banking first sector to come under consumer data right mechanism
09/11/2022
“Because of the weight of other regulation and compliance falling on banks at the moment – such as the new conduct regime and increased capital requirements, along with staffing and other supply chain constraints – we’ve told the Government that banks need time to enable quality products that will excite New Zealand consumers. This will take some...
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Reuters
New Zealand government to introduce ‘open banking’ for consumers
09/11/2022
New Zealand Bankers’ Association chief executive Roger Beaumont said it is important to get the open data sharing right for consumers and they needed time to implement. “There may also be lessons from other countries the government could take into account as it develops the legal framework.”
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Newshub
Expert disappointed open banking at least two years away
09/11/2022
Roger Beaumont from the New Zealand Bankers’ Association said it’s “really important to get it right because if you get it wrong there are some serious implications”.
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TVNZ
Some experts divided on open banking
09/11/2022
“New Zealanders have plenty of choice already, we don’t actually need open banking for there to be competition and choice for New Zealanders.”
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