Financial Advice NZ: What if bank processes can't be relied on?

The Financial Markets Authority and Reserve Bank this week released a report on their inquiry into banking conduct.

They said, while there were no systemic issues, there were changes that were needed, including more investment in bank processes and checks to ensure customer interests were given priority over the long term.

Financial Advice NZ chief executive Katrina Shanks said the report was good for building public trust in the financial service sector.

The focus of the report on putting clients first was something that advisers should note, she said. “The whole sector is being sent clear messages that the client’s interests do need to come first.”