Kiwibank will pay 48,000 borrowers compensation totalling $5.2 million after reporting failings on home loan procedures. 

Asteron Life promote internally to newly minted head of life position.

The Reserve Bank has hinted its programme to lend directly to retail banks could be ready by the end of the year, as it takes a more dovish tone on the economy.

The Reserve Bank has kept the official cash rate on hold at 0.25%. Here's what the central bank said:

Low interest rates are compressing pricing of risks and a “day of reckoning” at some point could be messy, ANZ chief economist Sharon Zollner says.

Kiwibank increased lending by 8.8% in the year to June, according to KPMG’s latest banking report, despite a tough period for the nation’s banks.

Brian Greer, the chief executive of Loan Market New Zealand, is stepping down from his role at the adviser business. 

The Reserve Bank is expected to keep the OCR on hold this week, but could highlight the growing chance of a negative central bank rate. 

Work resumes on the review, which was delayed while the Reserve Bank dealt with the challenges of covid.

Requiring New Zealand’s financial sector to report on its climate change risk has been welcomed by ratings agencies.

A formal warning given to a financial adviser in May who recommended all clients urgently move their investments to low-risk funds was intended to send a message to the industry about the Financial Markets Authority’s expectations.