Culture and conduct not part of bank competition study

“The Financial Markets Authority and Reserve Bank carried out an investigation in 2018 into this issue which has already resulted in a number of measures to protect consumers,” he says.

Commerce and consumer Minister Duncan Webb, who announced the study with Robertson, says it is only about banking competition issues and is a first step.

As part of the study, the commission will examine banks’ profitability and other financial measures to assess competition in the sector.

Commerce Commission chairman, John Small, says the competition study will be a first for New Zealand – providing a deep and focused analysis of how consumers’ diverse needs for personal banking services are being met.