Finance
Explore the latest finance news by BusinessDesk's team of reporters around New Zealand.
Finance
New Zealand's Commerce Commission files High Court proceedings against Westpac NZ
By Rebecca Howard July 11 (BusinessDesk) - New Zealand's Commerce Commission has filed High Court proceedings against Westpac New Zealand. The commission alleges the bank breached the Credit Contracts and Consumer Finance Act 2003 by failing to provide key information it w...
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Finance
KiwiSaver withdrawals funding half of first home buyer deposits: KPMG
By Pattrick Smellie July 11 (BusinessDesk) - First home buyers continue to grow as a proportion of the total home mortgage market, with KiwiSaver fund withdrawals now accounting for about half the deposits used to secure a first home, according to KPMG. Two years ago, first...
Finance
KPMG identifies sequencing issue in proposed bank deposit guarantee scheme
By Pattrick Smellie July 11 (BusinessDesk) - Financially distressed banks may need to go through the controversial Open Banking Resolution process and fail before the government's proposed deposit guarantee would come into play, KPMG says. "Under the Open Banking Resolution...
Finance
Fiduciary duties highlighted as responsible investment increases
By Victoria Young July 10 (BusinessDesk) - Fund managers say the growing market for responsible investment may bring potential conflicts with their fiduciary duty toward clients. The responsible investment market in New Zealand rose by 2.5 percent to $188 billion last year...
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