5 November 2018
FinCap welcome the findings of the Bank Conduct and Culture Review
FinCap, working with New Zealand’s 200 free budgeting services, warmly supports the recommendation that banks need to
urgently improve oversight, controls and processes; and the need for banks to champion business models that focus on
consumer interests. Financial mentors and budget advisers frequently report on inconsistent processes by banks and on
unsolicited offers of credit, particularly around credit cards.
Chief Executive of FinCap, Tim Barnett, said today:
“Banks need to recognise that low income and vulnerable consumers have rights, and should be actively supporting their
participation in the mainstream banking system. Charging people living in poverty, with no access to internet, for
copies of bank statements, and refusing to open bank accounts for people who are just out of prison, are examples of
unacceptable behaviour”.
“We urge that the banks move with urgency, and hand in hand with consumer interests, to tackle the core issues which
this Review reveals”.
FinCap have been proactively working with the banking sector to improve their processes.
Recently, the New Zealand Bankers Association and FinCap have created a privacy waiver for banks, to smooth the process
of financial mentors supporting their clients and to improve consistency in processes across the banking sector.
FinCap was one of the six stakeholders interviewed for the review.
ENDS