Banks get visit from regulators

“We will assess whether the conduct and culture issues being aired during the Australian Royal Commission of Financial Services are present here,” said Reserve Bank Governor Adrian Orr.

“A combined FMA/RBNZ team are working through the submissions received from banks in response to our inquiries. This is a significant task, but necessary to create a fact-based, fair, platform."

The team working on this are now beginning to notify banks of when and why they will visit, primarily to assess the validity of their written responses.

“It was always our intention to do so, with targeted visits more effective than a simple download of the data and open-ended questioning," Orr said.