In November 2018, the Reserve Bank of New Zealand (RBNZ) and the country’s Financial Markets Authority (FMA) released a report titled “Bank Conduct and Culture.” In the wake of misconduct scandals brought to light by the Hayne Commission in neighboring Australia, the central bank and regulator reviewed New Zealand’s 11 largest banks in order to identify any culture or conduct related risks may be lurking in the sector locally.1The results of that review are discussed in detail in the 2019 edition of this report.
In her remarks at the 16th Annual Financial Markets Law Conference in October 2020, RBNZ Assistant Governor Simone Robbers said, “We are pleased to see that banks are taking on board our recommendations from the Bank Conduct and Culture Review that we conducted with the FMA in 2018.”2
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