- New Zealand’s retail banks are on track to start rolling out a confirmation of payee service by the end of the year, says the New Zealand Banking Association. “We’ve just completed a competitive selection process and now have a preferred provider for the service. We won’t be able to announce the name of that provider... Read more »
- The New Zealand Banking Association (NZBA) also welcomed the changes, with chief executive Roger Beaumont highlight that the changes would allow banks to exercise flexibility and discretion to better meet customers’ needs, especially in emergency situations.
- New Zealand Banking Association’s revealed almost 30 percent more home loans were taken out from June to December 2023, than the previous six months.
- The number of new home loans increased by nearly 30% in the six months to December 2023 according to retail banking insights released today by the New Zealand Banking Association. There were 52,504 new home loans from June to December, which is an increase of 29.8% compared to 40,438 new loans in the previous six... Read more »
- “We welcome the removal of overly prescriptive affordability assessment requirements because it should help fix the one-size-fits-all approach that treated all types of lending and borrowers the same. The change still means that consumers are protected, and lenders need to be responsible,” NZBA Chief Executive Roger Beaumont says.
- “What it means is it’ll go back to the way it was prior to these regulations, when banks could exercise discretion in determining whether a customer was suitable for a loan or not,” said chief executive Roger Beaumont.
- Beaumont is pleased to see moves to simplify other matters in the CCCFA, especially personal liability for directors and senior managers, the requirements for disclosure of information to borrowers and the updating of the Responsible Lending Code guidance, to get the balance right and help ensure consumers don’t see a prescriptive approach reintroduced.
- The banking industry welcomes changes to consumer lending law announced by the government today. New Zealand Banking Association chief executive Roger Beaumont says: “We welcome the removal of overly prescriptive affordability assessment requirements because it should help fix the one-size-fits-all approach that treated all types of lending and borrowers the same. “The change still means... Read more »
