- “The major banks have already made changes to their remuneration policies to ensure retail staff no longer receive incentives based directly on sales performance, or are in the process of doing so,” she said.
- “We believe we have a strong banking culture in New Zealand. We fully accept we need to back up that position with proof, and we’re happy to work openly and constructively with our regulators to do that,” said association chief executive Karen Scott-Howman.
- “In New Zealand we have very effective regulators, and they’ve asked banks to provide them evidence that there’s no problem and we’re very willing to do that,” Mr McLean said.
- Last night the Bankers’ Association responded to calls from the Reserve Bank and the Financial Markets Authority (FMA) to provide them with evidence of how New Zealand’s banking culture and conduct is different from what has been revealed by the Australian Royal Commission into financial services industry misconduct. In a letter to the regulators, the... Read more »
- “Our customers can be assured no systemic issues have been identified to date and can have confidence in the New Zealand banking system overall. We fully support the ongoing efforts of our regulators to examine our conduct and call us to account.”
- New Zealand Bankers’ Association chief executive Karen Scott-Howman said New Zealand’s regulatory environment was very different from that in Australia. “The New Zealand financial services sector — banking, wealth management, superannuation, KiwiSaver and insurance — is well managed, well regulated and has high levels of customer trust and confidence.”
- The New Zealand Bankers’ Association said it strongly supported efforts to crack down on predatory lending, but could not force its members to boycott truck operators or pay day lenders.
- NZBA argues giving preferential treatment to ‘KiwiFund’ in the form of a government guarantee would “skew the competitive nature of the KiwiSaver market”.
