ZB ZB
Opinion
Live now
Start time
Playing for
End time
Listen live
Listen to NAME OF STATION
Up next
Listen live on
ZB

'Off the charts' regulation has been hindering banks - Banking Association

Author
Newstalk ZB,
Publish Date
Fri, 22 Mar 2024, 7:44am
Commerce Commission recommends Kiwibank be given more capital to enable it to better compete with the big four Australian-owned banks. Photo / NZME
Commerce Commission recommends Kiwibank be given more capital to enable it to better compete with the big four Australian-owned banks. Photo / NZME

'Off the charts' regulation has been hindering banks - Banking Association

Author
Newstalk ZB,
Publish Date
Fri, 22 Mar 2024, 7:44am

The Banking Association says there is indeed competition in the market.  

A draft report from the Commerce Commission has found a two-tier system divides smaller banks from ANZ, ASB, BNZ, and Westpac, as well as a lack of competition. 

It says an apparent focus on profit margins has resulted in under-investment in platforms and low innovation. 

It recommends the Government improve capital for Kiwibank and smaller banks.  

Banking Association Chief Executive Roger Beaumont told Mike Hosking that the commission also recognised the impact of industry regulation.  

He says the regulation banks have been required to do is off the charts and has been a handbrake on innovation. 

LISTEN ABOVE 

Take your Radio, Podcasts and Music with you