Scrub up or ship out
A recurring theme at the Financial Services Council conference was that companies need to "scrub" their products and services.
Financial Markets Authority chief executive Rob Everett told delegates that the industry was at a crossroads.
"Public trust in financial services as a whole is at historic lows across the world. Here in New Zealand, the situation has generally been better but more recently public trust has been shaken."
He said reviews of the banking and life insurance sectors found "significant weaknesses" in the way institutions govern and manage conduct risks. He said changes needed to be made.
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