RBNZ critics applaud governance changes, deposit insurance

RBNZ critics applaud governance changes, deposit insurance
Jenny Ruth
Some of the Reserve Bank's most prominent critics have welcomed the government's decisions to give the central bank's board real governance powers and to introduce retail deposit insurance.New Zealand is the only OECD country without some form of deposit protection.Massey University banking professor David Tripe has long called for a deposit insurance scheme because successive changes reducing the amount of public disclosure banks had to make reduced the ability for independent observers to make judgements on a bank's safety and soundness."Info...

More Finance

Lending rules further eased
Finance

Lending rules further eased

The Government is continuing to pick away at consumer protections, criticised for making it unnecessarily difficult to borrow money.Cabinet has agreed to further change the Credit Contracts and Consumer Finance Act (CCCFA) so lenders don’t find themselves in too much hot water if...

Staff reporters 05 Sep 2024
FMA cancels firm's licence that didn't live up to its name 'Integrity'
Finance

FMA cancels firm's licence that didn't live up to its name 'Integrity'

The Financial Markets Authority is cancelling the licence of a financial advice provider for serious misconduct, including misleading customers and charging excessive cancellation fees.The licence was held by Christchurch-based Integrity Advisers Insurance Limited (Integrity), wh...

Staff reporters 04 Sep 2024
NZME’s Mackrell wins CFO of the year
Finance

NZME’s Mackrell wins CFO of the year

NZME’s David Mackrell won New Zealand Chief Financial Officer of the Year at the NZ CFO Awards ceremony in Auckland on Tuesday night.The executive of the NZ Exchange-listed (NZX) firm took home the top prize, while former auditor general Lyn Provost won the Outstanding Contributi...

Staff reporters 04 Sep 2024
New bank contender champions niche over scale
Finance

New bank contender champions niche over scale

Debut has applied for a bank licence, intending to become a fully digital bank.

Ben Moore 04 Sep 2024