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Banks submit conduct and culture review responses to regulators

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Ksenia Stepanova | 02 Apr 2019, 11:52 a.m. Agree 0
NZ Bankers Association says banks have acted swiftly to address the issues identified
  • Cliffo | 02 Apr 2019, 01:29 p.m. Agree 0
    Having worked in the Banking industry for over 30 years, I must say i find this article quite alarming and here is why. Banks & financial Adviser's alike are there to provide advice and products to suit customers needs. As with any regulatory meddling there is always going to be pros and cons, the con is now quite clear that bank staff have been instructed not to flog products to customers (or even mention them in most cases) for fear of breaking this quite simply stupid and arbitrary law. So how is this supposed to help out consumers and provide quality advice on which products are best suited to a consumers needs if they have been instructed not to try and sell anything, but only offer it it the customers asks. Case in point is that i just last month swapped banks and refinanced my own mortgage, the girl at the bank did not provide any account options, product information and explain how anything worked unless i asked. She had quite clearly been instructed to only offer products once asked. So now consumers are going to be less informed, may not get products that best suit their needs or simply have a product which they are paying to much for! Well done to the regulators, what a fine and well researched load of rubbish this review was!
    And the Bank CEO's will remain silent, about time a few of them stood up for common sense.
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