FMA: Show how you're different
Rob Everett told RNZ the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia had produced “ugly” revelations about behaviour in the financial services sector.
“I think it’s devastating for the industry, the stories that are being told. Most of the issues that we’ve heard are issues that were well known to the regulators, they are issues that have surfaced before. So we have been spending time here in New Zealand making sure that our work plans react to that and where we’re looking is somewhat driven by the experience in Australia,” he said.
New Zealand had not seen any evidence of systemic abuses along the lines of the Australian industry, he said.
“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.”
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