(30 May 2018 – New Zealand) New Zealand regulators have found no evidence of systemic problems in the sector to warrant an inquiry like the one currently in its third month in Australia.
Australia’s big four domestic banks all operate subsidiaries in New Zealand, including the country’s largest bank which is owned by ANZ.
The Reserve Bank of New Zealand and the Financial Markets Authority FMA) told lawmakers that while their review has found areas of concern there was nothing like the widespread malpractices in Australia.
“On the work to date… I would say we’ve seen plenty of things than can and should be done better, but we have not seen evidence of what you might call systemic and widespread misconduct,” FMA chief executive Rob Everett told a parliamentary committee.