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...

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