Bank mis-steps to be broadcast to all

Banking Day staff Finance regulation

Banks operating in New Zealand will soon be required to report any material breaches, or possible breaches, to the Reserve Bank of New Zealand.

The RBNZ will then publish information of actual breaches on its website.
The RBNZ said it hopes the proposed new regime, which is expected to take effect from 1 January next year, will improve transparency and market discipline by making it easier to find and compare information about banks’ regulatory compliance.