Regulatory Alerts2022-05-17
Banking Ombudsman Submission on Bank Breach Reporting and Materiality
The Banking Ombudsman submitted comments to the Reserve Bank of New Zealand regarding proposals for public and private reporting of bank regulatory breaches. The Ombudsman supports publishing breaches on a dedicated webpage and adopting a materiality threshold to ensure information is timely, accessible, and useful for stakeholders. This approach is viewed as enhancing transparency without reducing the Reserve Bank's oversight capabilities or burdening bank directors with minor compliance issues.
Share