Regulatory Alerts2020-05-31
Memorandum of Understanding between Reserve Bank of New Zealand and Banking Ombudsman Scheme Limited
The Reserve Bank of New Zealand and Banking Ombudsman Scheme Limited entered into this Memorandum to formalize their cooperative relationship regarding the supervision and dispute resolution of banking entities. The agreement establishes principles for timely consultation, information sharing, and regular meetings while strictly adhering to legislative confidentiality constraints under the RBNZ Act, NBDT Act, and Privacy Act. It further outlines procedures for referring complaints, defining contact persons, and resolving disputes without creating legally enforceable rights or obligations.
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