NZ banks say bill to meet central bank's new outsourcing rules will top $870M

Fri, 03 Feb 2017

By Paul McBeth Feb. 3 (BusinessDesk) - New Zealand's lenders say they will have to fork out as much as $870 million to meet the Reserve Bank's new plans for what services can be outsourced. The RBNZ final policy decisions on rules defining how banks outsource some functions were announced yesterday after a year-and-a-half of to-ing and fro-ing with the industry, largely settling on the softer approach signalled in its second consultation document from May last year. The new rules for outsourcing are integral to the RBNZ's open bank resol...

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