‘Need a maverick’: RBNZ wants a Kiwi Macquarie

The Australian Financial Review04-23

The RBNZ also argued that many of the countries compared to New Zealand in the report had “a more concentrated market … while reporting lower average profitability”.“The final report should place more...

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Amid growing angst over bank profits and higher interest rates ahead of an election, former New Zealand prime minister Chris Hipkins ordered the NZCC probe last year.AdvertisementThe NZCC delivered its draft report earlier this month, saying the big four “do not face strong competition” and that outbreaks of price competition were “sporadic rather than strong and contained”.‘Potential to undermine confidence’: RBNZThe draft report recommended the RBNZ “review its prudential capital settings to ensure they are competitively neutral and smaller players are better able to compete” and that the government should “provide [Kiwibank] with access to more capital” to make it a more disruptive force.In addition, the draft report said, “the government should reduce the barriers imposed by the AML/CTF [anti-money laundering and counter-terrorism financing] regime on banks working with fintechs” in its list of 16 preliminary recommendations.In response, the RBNZ said its prudential capital settings existed “for good reason” and ensured the “maintenance of financial system stability”.“Reductions in resilience through weaker prudential regulation generallyinvolves moving more risks and costs to customers or placing public funds at risk, and have the potential to undermine confidence,” the RBNZ said,AdvertisementOn the anti-money laundering front, the RBNZ had “reservations about the benefits” of the NZCC recommendation.“The AML/CTF regime relies on businesses undertaking their own assessment of the money laundering and terrorism financing risks that customers might pose,” the RBNZ said.The central bank said encouraging competition needed “a holistic approach focused on promoting an ecosystem that enables disruption through innovation, rather than implicitly subsidising higher-risk or smaller banks”.The RBNZ said the government would promote better outcomes for consumers by building an open banking platform – similar to the Consumer Data Right in Australia – and reducing barriers to switch banks with a digital identity regime.Enhancing consumer financial literacy and creating new initiatives to support Maori access were also important, it said.“These issues are complex and will require clear leadership, direction and prioritisation from government and industry, and resourcing to deliver. Targeted new legislation may also be needed to deliver wide-ranging competition outcomes for personal banking services,” the RBNZ said.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429325231"}