NZ to release report into bank conduct and culture
(22 October 2018 – New Zealand) – The Financial Markets Authority and the Reserve Bank of New Zealand’s joint report on the conduct and culture of New Zealand’s banks is set to be made public on 5 November, coinciding with Westpac’s full year result announcement.
The major report was initiated in May on the back of the damning revelations from Australia’s Royal Commission into misconduct in the financial sector.
Rob Everett, FMA chief executive said in a newsletter this week that the conduct and culture report would cover general themes relevant to the industry as a whole.
“Findings that relate to individual banks will be provided directly to the banks involved and they will be required to deliver a plan to address any risks identified.”
Unlike the Australian Royal Commission, Mr Everett said it had not undertaken an audit of individual files or accounts or a detail inquiry but has based the review on interviews with bank staff and directors, and documents supplied by the banks.
Subscribe