Category: banking
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New Zealand's Budget 2026 Strengthens Tax System with Key Reforms
Budget 2026 introduces tax reforms to boost investment, simplify compliance, and strengthen New Zealand's tax system. Changes include in-year R&D payments, simplified FIF rules, and updated FBT for vehicles.
Politics and GovernmentBusinessGeneral PoliticsEconomyFinancial MarketsBankingLegal Budget 2026Tax ReformSimon WattsResearch and DevelopmentForeign InvestmentComplianceNew Zealand Government
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Monetary Policy Committee Holds OCR at 2.25%, Signals Future Increases Amid Inflation Concerns
New Zealand's Monetary Policy Committee held the OCR at 2.25 percent, but anticipates future increases due to rising inflation, global uncertainty, and weakening domestic confidence, aiming to return inflation to its 2 percent target by mid-2027.
BusinessWorldConflictEconomyBankingEmployment and LaborTradeReal EstateMiddle East Monetary Policy CommitteeOfficial Cash RateInflationEconomic OutlookGlobal EconomyConsumer Confidence
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Media Monitor: Consumer NZ Ranks Banks, Tests Appliances, Offers Consumer Advice
Consumer NZ is reporting on its 2026 banking satisfaction survey, new heat pump tests, and comparisons of washing machines and fridges. It also provides consumer rights advice and highlights early King's Birthday sales.
BusinessScience & TechnologyHealthEconomyBankingComputers and InternetLegalTransportationSocial Issues Consumer NZAppliancesConsumer RightsHeat PumpsSales
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New Zealand Retail Spending Dips in April 2026
Electronic card transactions in New Zealand's retail industries decreased by 1.3% in April 2026, reflecting a drop in consumer spending. Statistics New Zealand reported an $89 million fall in overall retail and an $84 million decline in core retail activity.
BusinessPolitics and GovernmentEconomyFederal GovernmentBanking Electronic Card TransactionsRetail SpendingStatistics New ZealandConsumer SpendingApril 2026
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New Zealand First Unveils Compulsory KiwiSaver at Birth and BNZ Buy-Back Plan
New Zealand First proposes compulsory KiwiSaver at birth with a $1000 Crown contribution and plans to buy back BNZ, merging it with Kiwibank to form a new "National Bank of New Zealand" to boost economic sovereignty.
Politics and GovernmentBusinessGeneral PoliticsEconomyBankingFinancial MarketsEmployment and LaborElection New Zealand FirstWinston PetersKiwiSaverBNZKiwibankNational Bank of New ZealandEconomic PolicyNZ First
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Property, Vehicles, and Cash Seized in Gisborne Money Laundering Operation
Police seized property, vehicles, and cash in Gisborne, concluding Operation Set, a multi-agency investigation into drugs and money laundering that originated from a Customs border cash seizure.
Law EnforcementPolitics and GovernmentBusinessLegalAustralasiaBankingEconomyAustralia GisborneMangapapaOperation SetMoney LaunderingAsset RecoveryNew Zealand CustomsPolice
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FMA Announces Board Appointments and Reappointments
Steven Bardy named Deputy Chairperson. Philip Doak and Alastair Hercus join the Board, Christopher Swasbrook reappointed. Prasanna Gai resigns after 2018 service.
Politics and GovernmentBusinessAustralasiaFinancial MarketsEconomyBanking Financial Markets AuthoritySteven BardyPhilip DoakAlastair HercusChristopher SwasbrookPrasanna GaiBoard AppointmentsNZ Financial Markets Authority
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FMA Investigates Chance Voight Investment Corporation
The Financial Markets Authority is investigating Chance Voight Investment Corporation and related entities. Interim liquidators have been appointed for six Chance Voight entities. A subsidiary acquired Patterson Wealth Partners Limited in November.
BusinessLegalFinancial MarketsBanking Financial Markets AuthorityChance Voight Investment CorporationChristchurchMalcolm HollisJohn FiskLara BennettPwC New ZealandNZ Financial Markets Authority
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FMA Censure Opes Group for Licence Breaches
The Financial Markets Authority has censured Opes Group Holding Company Limited for failing to comply with its Financial Advice Provider licence obligations, citing poor record keeping and conflict management.
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FMA Releases Thematic Review on Financial Institutions' Product and Service Reviews
The Financial Markets Authority (FMA) has released a thematic review. The review focuses on financial institutions proactively reviewing products and services to identify consumer harms and promote improvements.
BusinessFinancial MarketsBankingEconomyLegal Financial Markets AuthorityFMAClare Bolingfordfinancial institutionsproduct reviewsservice reviewsLicensing and Conduct SupervisionNZ Financial Markets Authority
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EU Approves Continued Use of New Zealand Financial Benchmarks
The European Commission has recognized New Zealand's financial benchmark regulations as equivalent to the EU's, ensuring the NZ Bank Bill Rate benchmark can still be used in the EU from 2026.
BusinessPolitics and GovernmentEuropeFinancial MarketsTradeEconomyBankingLegal European CommissionFinancial Markets AuthorityNZ Bank Bill RateBKBMFinancial BenchmarkFinancial RegulationNZ Financial Markets Authority
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FMA Cancels Hope Group Limited's Financial Advice Provider Licence
The Financial Markets Authority has cancelled Hope Group Limited's financial advice provider licence after identifying serious conduct issues and material breaches of obligations.
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New Zealand's Net Worth Increases 4.2 Percent in 2024
New Zealand's net worth rose by 4.2% in the year ending March 2024, with household net worth increasing by 3.8%. Registered bank lending saw a 3.0% rise.
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingTradeAustralasia
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FMA Warns Finbase for Disclosure and Fair Dealing Breaches
The Financial Markets Authority (FMA) has issued a warning to Finbase for breaching the Financial Markets Conduct Act 2013. Breaches relate to Single Investment financial products and failure to comply with disclosure requirements.
BusinessPolitics and GovernmentLegalFinancial MarketsEconomyBanking FMAFinbaseFinancial Markets AuthorityFinancial Markets Conduct Act 2013Financial Markets Conduct Regulations 2014Single InvestmentHP Capital LimitedNZ Financial Markets Authority
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FMA Appoints Dr. Philip Stevens as Chief Economist
The Financial Markets Authority (FMA) welcomes Dr. Philip Stevens as Chief Economist. Stevens brings 25 years of experience to the role, and will lead the FMA’s research and data analysis efforts.
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingEmployment and Labor FMAPhilip StevensSamantha BarrassChief EconomistFinancial Markets AuthorityEconomicsNZ Financial Markets Authority
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Former Financial Advisor Sentenced for Theft
Murray McClune, a former financial advisor, has been sentenced to three years and seven months in prison for stealing $1.7 million from elderly clients. He is also banned from providing financial advice.
BusinessLegalEconomyFinancial MarketsBanking Financial Markets AuthorityMurray McCluneFinancial AdvisorTheftSentencingMargot GatlandFinancial ServicesNZ Financial Markets Authority
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New Board Members Appointed to Civil Aviation Authority
James Meager, Associate Minister of Transport, has announced the appointment of Mike Schubert, Peter O’Regan, and Mel Templeton to the Civil Aviation Authority Board, bringing expertise in digital transformation and finance.
Politics and GovernmentBusinessScience & TechnologyTransportationAustralasiaFederal GovernmentEconomyBankingFinancial MarketsDigital and Print Publishing
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FMA Warns Clients of Former NZ Financial Adviser to Check Bank Statements
The Financial Markets Authority (FMA) has received complaints about a former financial advisor, David McEwen, and is advising clients to check for unauthorized payments.
BusinessLegalFinancial MarketsBankingLaw EnforcementAustralasia
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ANZ Pays $3.25 Million for Misleading Statements
ANZ admits to breaching fair dealing laws after an FMA investigation, paying $3.25 million for wrongly applying fees and incorrectly claiming mortgage incentive repayments.
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingLegal ANZFinancial Markets AuthorityFMAFinancial Markets Conduct ActMortgage incentivesOverdraft feesFinanceNZ Financial Markets Authority
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Financial Markets Authority Seeks Feedback on Tokenisation
The FMA is seeking feedback on the implications of tokenisation, the process of turning real or virtual assets into digital tokens, to balance innovation and consumer protection in New Zealand's financial markets.
BusinessScience & TechnologyEconomyFinancial MarketsBankingComputers and InternetLegal Financial Markets AuthorityFMAtokenisationdigital assetsblockchainLiam Masonfinancial servicesNZ Financial Markets Authority
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FMA Warns Kiwibank for Overcharging Customers
The FMA has warned Kiwibank for overcharging customers on joint accounts between 2011 and 2024. Kiwibank overcharged 8,663 customers a total of $912,053.79. The FMA has said that Kiwibank could have identified the issue earlier.
BusinessPolitics and GovernmentFinancial MarketsBankingLegal FMAKiwibankFinancial Markets Authorityoverchargingfee waiversjoint accountsFinancial Markets Conduct ActNZ Financial Markets Authority
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Media Monitor: RNZ Reports on Bank Settlement, Rugby Suspensions
RNZ reports a class action settlement against ASB and ANZ, suspensions for rugby players filming a student, and troubles at Gore District Council. All Blacks using blood tests.
BusinessPolitics and GovernmentSportHealthWorldEconomyBankingLaw EnforcementLegal RNZASBANZClass Action LawsuitDunedinGore District CouncilAll BlacksRNZ News
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Media Monitor: Consumer NZ Reports Ineffective Medicines Still Sold
Consumer NZ reports that supermarkets and pharmacies in New Zealand continue to sell ineffective cold and flu medicines and is asking retailers why.
BusinessHealthWeatherEconomyBankingMedical ScienceEnergySocial Issues Consumer NZcold medicineflu medicinepharmaciessupermarketsretail
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FMA Releases Financial Conduct Report, Outlining Key Priorities for the Year Ahead
The Financial Markets Authority (FMA) has released its Financial Conduct Report, outlining key priorities for the financial sector. The report details conduct risks and opportunities the FMA will address over the next 12 months.
BusinessPolitics and GovernmentFinancial MarketsEconomyBankingLegal Financial Markets AuthorityFinancial Conduct ReportSamantha Barrassfinancial regulationinvestmentfraudfintechNZ Financial Markets Authority
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New Zealand Weather Emergency: Flooding, Power Outages, and Travel Disruptions
New Zealand faces widespread flooding in Canterbury, power outages in Wellington, and travel disruptions. KiwiSaver returns are hit by market ructions, while Levin farmers launch mushroom coffee.
WeatherBusinessPolitics and GovernmentSportHealthAustraliaGeneral WeatherFinancial MarketsBankingMedical ScienceGeneral PoliticsElections CanterburyWellingtonKiwiSaverFloodingPower OutagesMedia Monitor