RBNZ eyes lack of payment system supervision

Wed, 19 Jun 2013

By Paul McBeth June 19 (BusinessDesk) - The Reserve Bank is looking at ways to bring regulatory oversight to the country’s payment systems, in what’s an otherwise sound financial system, the bank’s head of prudential supervision Toby Fiennes says. The central bank sees the lack of regulatory oversight of New Zealand’s payment and settlement systems as a problem, and what powers it does have “are blunt and poorly targeted,” Fiennes said in a speech to Law and Economics Association of New Zealand in Wellington. The bank sought submissions in...

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