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

Tue, 20 Aug 2024

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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