In a recent update, the FMA’s chief executive, Rob Everett, said it was working with the Reserve Bank to finalise its review of bank conduct and culture.

Sparked by concerns about poor conduct revealed by Australia’s Royal Commission of Inquiry, the two regulators have conducted on-site monitoring visits with 11 banks, conducted 400 interviews, received more than 1000 documents and visited 13 New Zealand towns and cities.

“Our review was based on interviews with bank staff and directors, and documents supplied to us by the banks - it was not an audit of individual files or accounts, or a detailed inquiry like that of the Royal Commission in Australia,” Everett said.

“We have relied on the information and insights provided to us directly by banks, consumer and industry bodies, and other external stakeholders.”

He said the findings of the review would cover general themes that were relevant to the industry as a whole.

“Findings that relate to individual banks will be provided directly to the banks involved and they will be required to deliver a plan to address any risks identified. We also considered any gaps within the framework for the regulation of retail banking services that may undermine the effectiveness or efficiency of conduct supervision or regulation.”

But he indicated that it would not be a once-off check and that the banks would be required to show ongoing good conduct towards customers.

“Good conduct requires ongoing focus and putting the customer at the centre of all activities. We expect the banks to take our recommendations seriously, and devote sufficient focus and resources to making any necessary meaningful improvements.”

The regulators are conducting a similar body of work in the life insurance sector. Everett said a report on that industry was likely in December.