ComCom study mulled as trust in banks wanes

New research from Consumer NZ has found that trust in banks is dipping with 39% of New Zealanders stating they do not trust the banks. This is the highest level of distrust since Consumer began tracking sentiment in June 2021.

About 39% of people say they do not trust the banks. This comes on top of the banks’ soaring profits and the Government considering the need for a Commerce Commission market study on the sector.

Commerce Minister Duncan Webb says bank profits are top of mind when considering the next market study, but no decision has been made yet. Prime Minister Chris Hipkins also refused to rule out the possibility when asked at his weekly press conference.

“We’ve previously signalled that we’re concerned about the level of bank profits and that’s something that we will take some time to look at. It is something that we have foreshadowed previously that we would look at,” he says.