NZ banking review says 'significant' process weaknesses must be addressed

Mon, 05 Nov 2018

By Rebecca Howard Nov. 5 (BusinessDesk) - New Zealand's banks need to "markedly" improve the way they manage risks of misconduct and poor culture, the Financial Markets Authority and the Reserve Bank say. A four-month review found none of the widespread misconduct seen in Australia's financial sector but did identify "significant weaknesses" in the processes New Zealand's 11 largest banks have for monitoring conduct within their organisations. The review found "significant variation" in the maturity of banks' approaches to the issue. W...

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