RBNZ's Spencer signals new oversight for payments systems

Mon, 07 Nov 2016

By Paul McBeth Nov. 8 (BusinessDesk) - Reserve Bank deputy governor Grant Spencer is signalling a new supervision regime for the country's payments system, two years after he first outlined concerns about the global infrastructure that facilitates wholesale market transactions. New Zealand's legislation for overseeing the payments system is no longer fit for purpose and the Reserve Bank has developed a new framework to oversee the sector, which is still waiting for Cabinet approval, Spencer told the Payments NZ conference in Auckland....

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