ComCom banking shakeup hinges on open banking

ComCom banking shakeup hinges on open banking
ComCom chair John Small reiterated that the personal banking sector is a "stable, two-tier oligopoly with no disruptive Maverick and sporadic price competition." (Image: Commerce Commission)
Ben Moore
The Commerce Commission wants the Government to properly capitalise Kiwibank and have open banking “fully operational” by June 2026.Those were two key recommendations from the 14-month inquiry into personal banking the Commerce Commission (ComCom) undertook. The inquiry resulted in 14 recommendations in a 389-page document released Tuesday.Other recommendations included new rules for mortgage advisors, a focus on competition by the Reserve Bank of New Zealand (RBNZ), reducing barriers to housing lending on Māori land, and widening a...

More Finance

FMA warns lenders on mortgage fraud
Finance

FMA warns lenders on mortgage fraud

The FMA sees dangers for borrowers if lenders aren't vigilant.

Staff reporters 25 Jul 2025
‘Teflon Man’ Neil Quigley’s next big job
Finance Analysis

Pattrick Smellie: ‘Teflon Man’ Neil Quigley’s next big job

Is the RBNZ lining up a Canadian replacement for Adrian Orr?

Pattrick Smellie 23 Jul 2025
Time ripe to stop forex fees confusion
Finance

Time ripe to stop forex fees confusion

Misleading 'fees free' foreign exchange deals are costing Kiwis.

Pattrick Smellie 22 Jul 2025
BNZ whistleblower wins $500k, fights on
Finance

BNZ whistleblower wins $500k, fights on

 Melissa Bowen had sought more than $3 million after she lost her job at the bank.

Victoria Young 18 Jul 2025