The government has asked the Council of Financial Regulators to bring forward an investigation into whether lenders are implementing the new lending rules as intended.
January 21, 2022Action initiation functionality will be applied first in the banking sector to enable the development of new, competitive and consumer-focused payment services.
December 23, 2021APRA confirmed that the CCyB would be set at the new default level of 1 percent of RWA from 1 January 2023, a feature of the new bank capital framework.
December 22, 2021Between September 2005 and March 2020, some 35,000 home loan customers were overcharged a total of NZD 1.1 million.
December 10, 2021The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.
December 1, 2021ASIC says ANZ breached credit laws by accepting customer information and documents from unlicensed individuals, some of which was fraudulent.
November 27, 2021APRA will publish a framework for implementing macroprudential policy to rein in the housing market and curb riskier home loans.
October 1, 2021ASIC says ME Bank made false or misleading representations about interest rates and repayment amounts to home loan clients.
September 15, 2021Starting on 5 October, a four-day pause will be introduced between the sale of a principal product or service and the sale of add-on insurance.
August 2, 2021Young adults and newly married couples will be eligible to apply for 40-year home mortgage loans under a government-sponsored programme.
June 24, 2021