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D-day looming for bank conduct report

The Financial Markets Authority (FMA) and Reserve Bank will be releasing their report into bank conduct and culture in New Zealand banks on Monday.

Rob Everett, FMA

The much anticipated report is set to outline the findings from a joint FMA and RBNZ investigation into New Zealand’s retail banks which has taken place over the course of this year.

It was prompted by public concern over the flow of damning revelations emerging from the Australian Royal Commission on Financial Services.

Back in May, FMA CEO Rob Everett and Reserve Bank governor Adrian Orr announced they had asked bank bosses to detail what they're doing to prove consumers and regulators can have full confidence in the sector.

Later that month, they announced their preliminary monitoring work had turned up plenty of evidence of things that should be done better, but no evidence of systemic and widespread misconduct.

“It hasn't turned up evidence of widespread, systemic issues that warrant a commission of inquiry. However, the work we have initiated may test this view.”

Everett recently said they expect the banks to take the review’s recommendations seriously and to make any necessary meaningful improvements.