Paymark finally sold

Ingenico Group late last week confirmed they will be the new owner of Paymark, the dominant payment network in New Zealand. Ingenico will pay NZ$190 million in total to the four major local banks that each own one quarter of the business. read more

Ramsay Review compensation scheme put on hold

The publication of a Supplementary Final Report to the "Review of the financial system external dispute resolution and complaints framework", chaired by Professor Ian Ramsay makes 11 recommendations, four of them for the establishment of a limited and carefully targeted compensation scheme of last resort. These will be delayed until the Banking Royal Commission has concluded. read more