Banking Industry Welcomes Spotlight On Regulatory Barriers To Competition

The New Zealand Banking Association today welcomed the Commerce Commission’s final report on its market study into personal banking services, especially its focus on regulatory barriers to increased competition in the sector.

New Zealand Banking Association chief executive Roger Beaumont says: “The Commission has taken a well-informed and considered approach to the market study, which has provided useful insights into the New Zealand banking sector. We’re particularly pleased to see the Commission’s focus on the regulatory environment in which our banks operate, and how that impacts further competition in the sector.

We look forward to seeing how the government and regulators respond to the Commission’s recommendations. We support quality regulation that makes banking easier for consumers.

“There are also matters for the banks and the wider financial services industry to consider. We will assess which initiatives could involve an industry approach, and which ones banks will need to address individually.”

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