Regulatory Alerts2022-05-17
Bank Conduct and Culture Review by FMA and RBNZ
The Financial Markets Authority and the Reserve Bank of New Zealand conducted a joint review of conduct and culture in New Zealand's retail banking sector to assess risks following international misconduct scandals. The regulators found that while widespread misconduct is not currently present, significant weaknesses exist in governance, risk management, and the measurement of long-term customer outcomes. Banks are required to submit improvement plans by March 2019 to address these gaps and demonstrate a proactive, customer-focused culture.
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