Regulatory Alerts2018-11-29
Thematic review of bank conduct and culture
The Reserve Bank of New Zealand and the Financial Markets Authority conducted a joint review of the conduct and culture of New Zealand's 11 largest retail banks. The regulators found significant weaknesses in governance and management of conduct risks, requiring banks to significantly improve their approaches to identifying and dealing with these risks. While the review identified a small number of issues related to poor conduct by individual staff members, it concluded that widespread misconduct or poor culture did not exist across the banking sector.
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