There are concerns clamping down on banks and sales incentives could have unintended consequences on consumers.

The FMA and Reserve Bank have both told banks to come up with a plan to stop sale incentives, after a recent report identified sales incentives as a reason why customers were being sold unnecessary products.

KMPG head of banking and finance John Kensington told Mike Hosking it could mean people are pushed out of the bank and into payday lenders.

"Everybody was being more cautious. More people were saying no and a greater number of people, particularly at the bottom end of the economic ladder, got pushed into payday lending situations."

He said some New Zealand banks may have "done some things in hindsight it wished it hadn't but not the the extent of overseas". 

The issues of incentives isn't "just an issue in the banking industry" and hopefully it will serve as a warning to other industries, he said.

"It was a warning to them [banks] and the rest of the financial sector and ultimately there will be a flow on to other industry that this sort of behaviour, where you have a greater amount of knowledge or a greater availability of information you need to treat your customer fairly."