As one would expect, events in Australia spilled over into New Zealand. In May, Financial Markets Authority (FMA) CEO Rob Everett and Reserve Bank New Zealand (RBNZ) Governor Adrian Orr said that they had spoken to New Zealand bank CEOs and demanded that they demonstrate that they were different than their Australian counterparts.1
“What’s been highlighted in the Royal Commission in Australia is really ugly. I think it’s devastating for the industry, the stories that are being told,” Everett said in a local interview. “To date we haven’t seen any evidence of systemic abuses along the lines of the Australian industry, but as we’ve said to the New Zealand banks, we can’t afford to be complacent, we really have to up our game to make sure that those same issues aren’t being replicated here.”2
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