Expect more intrusive Reserve Bank: Bascand
Banks and insurance companies can expect more scrutiny from the central bank as part of a "more intensive supervisory approach", Bascand said in a speech this week.
The deputy governor gave a clear indication that the RBNZ will take firmer line on corporate misconduct and individual accountability, at the Financial Markets Law Conference in Auckland.
"We will be more pro-active in holding directors and managers to account, particularly in areas where we have already identified shortcomings," Bascand said.
It comes after The Reserve Bank censured and disciplined ANZ in May for capital failings. This week it followed up the punishment with two independent reviews into ANZ's conduct.
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