Govt orders 'personal banking' competition probe

Competition for home mortgages will be a focus. (Image: NZME)

Tue, 20 Jun 2023

The Commerce Commission has been ordered to undertake a study of banking competition that is limited only to “personal banking” services and indicated it is only a “first step” in scrutinising the sector.The finance and commerce ministers, Grant Robertson and Duncan Webb, announced that the government would direct the competition watchdog to conduct its next formal market study into personal banking.The move comes as no surprise to the banking sector, which has recently reported another round of healthy profits at a time...

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