Tag: banking
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Media Monitor: One News NZ Reports on Hospital Death, Bank Rate Hikes, and Auckland's Liveability Drop
One News NZ reports on a hospital death review, a cat found 630km away, Westpac's rate increases, President Trump's Air Force One choice, and Auckland's fall in liveability rankings.
HealthBusinessPolitics and GovernmentMedical ScienceEconomyBankingGeneral PoliticsSocial Issues Waikato HospitalWestpacInterest RatesDonald J TrumpAir Force OneAucklandOne News NZ
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New Zealand Household Saving Rises as Government Saving Declines
New Zealand's household saving increased by $610 million to $2.2 billion in the March 2026 quarter, driven by higher disposable income. Meanwhile, central government saving fell to -$2.4 billion, according to new experimental estimates from Statistics New Zealand.
BusinessPolitics and GovernmentEconomyEmployment and LaborFinancial MarketsGeneral PoliticsBanking Statistics New ZealandHousehold SavingGovernment SavingNational AccountsMarch 2026 QuarterEconomic Data
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FMA Unveils 2026/27 Regulatory Priorities, Expands Consumer Protection
FMA outlines 2026/27 regulatory priorities, focusing on consumer credit oversight, managing conflicts, product design, and fraud. The report highlights progress in strengthening New Zealand's financial markets and embracing innovation like AI while ensuring strong consumer protection.
BusinessLaw EnforcementScience & TechnologyEconomyBankingFinancial MarketsArtificial IntelligenceLegalEducation Financial Markets AuthorityFinancial Conduct ReportRegulatory PrioritiesConsumer CreditFinancial RegulationNZ Financial Markets Authority
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New Zealand Businesses See Income and Surplus Decline in 2025
New Zealand businesses saw total income and pre-tax surplus fall in the 2025 financial year, Stats NZ reports. Expenditure and assets increased, but a drop in non-operating income impacted overall financial performance.
BusinessPolitics and GovernmentEconomyFinancial MarketsBankingGeneral Politics Statistics New ZealandAnnual Enterprise SurveyBusiness FinanceEconomic DataFinancial Performance2025 Financial Year
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FMA Seeks Feedback on New Zealand's Custody of Client Assets Laws
The FMA is reviewing New Zealand's custody of client assets laws, seeking feedback on clarity and fitness for purpose. The discussion paper highlights concerns about the complex, fragmented regime, limited oversight, and emerging risks to investor protection.
BusinessPolitics and GovernmentEconomyBankingFinancial MarketsLegalGeneral Politics Financial Markets AuthorityCustody of AssetsFinancial RegulationInvestor ProtectionDigital AssetsRegulatory ReviewNZ Financial Markets Authority
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BNZ Pays $2.6 Million to Crown Following FMA Undertaking for Interest Calculation Breaches
BNZ has agreed to an enforceable undertaking with the FMA, paying $2.6 million to the Crown for breaches related to interest calculation on non-profit accounts. The bank apologized and confirmed all impacted customers have been remediated.
BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityFMAFinancial Markets Conduct ActNon-profit accountsInterest calculationEnforceable undertaking
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BNZ Fined $2.6 Million for Misleading Interest Calculation Practices
BNZ admitted misleading customers on interest calculations for non-profit accounts, breaching fair dealing rules. The bank will pay $2.6 million to the Crown and has remediated 23,103 affected customers for $5.44 million in underpaid interest.
BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityMisleading ConductInterest CalculationCustomer RemediationFinancial Markets Conduct ActNZ Financial Markets Authority
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Police Warn South Auckland Residents of Bank Card Letterbox Scam
New Zealand Police warn South Auckland residents about a scam targeting older people, where fraudsters trick victims into leaving bank cards in letterboxes for "investigation," leading to financial loss. Verify callers and protect vulnerable individuals.
Law EnforcementBusinessLegalBankingSocial IssuesEconomy New Zealand PoliceSouth AucklandScamBank CardsFraudElderlyConsumer Protection
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New Zealand Tech Sector Drives Innovation in AI, Fintech, and SaaS
New Zealand's tech ecosystem is buzzing with activity, as entries open for the 2026 Aotearoa AI Awards and Hackathon Festival. The Fintech Insights 2026 report outlines the path to open finance, while KiwiSaaS celebrates International SaaS Day.
Science & TechnologyBusinessPolitics and GovernmentArtificial IntelligenceEconomyBankingFinancial MarketsComputers and InternetEducation AIFintechSaaSAotearoaOpen FinanceTech AwardsTechnology
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New Report: Fragmentation Hinders Fintech's Path to Digitized Open Economy
"Fintech Insights 2026" report highlights fragmentation as the biggest blocker to a digitized open economy. It outlines five key themes and four system challenges, emphasizing that progress requires a unified national direction and strategic investment beyond venture capital.
BusinessScience & TechnologyPolitics and GovernmentEconomyBankingFinancial MarketsComputers and InternetGeneral Politics FintechDigital EconomyOpen BankingDigital IdentityFinancial ServicesRegulationInvestmentTechnology
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ACT Secures Local Democracy Win, Pushes for Affordable School Uniforms
ACT New Zealand celebrates a win for local democracy, with the government adopting its bill to remove unelected votes from council committees. The party also proposes capping branded school uniform items and simplifying AML identity checks.
Politics and GovernmentBusinessGeneral PoliticsState GovernmentsEconomyBankingEducationSocial Issues ACT New ZealandLocal GovernmentSchool UniformsAnti-Money LaunderingChild WelfareDemocracyPoliticsElection
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FMA Files 61 Mortgage Fraud Charges Against Six Individuals
New Zealand's Financial Markets Authority has filed 61 charges against six individuals in Manukau District Court, alleging mortgage fraud under various acts. The FMA aims to deter similar conduct and uphold trust in the lending system.
BusinessLaw EnforcementLegalBankingFinancial MarketsEconomy Financial Markets AuthorityMortgage FraudManukau District CourtFinancial CrimeLegal ProceedingsCrimes Act 1961NZ Financial Markets Authority
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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