Labour MP’s Bill ensures better banking practice
Labour List MP
18 December 2018 MEDIA STATEMENT
Labour MP Kieran McAnulty today lodged a Member’s Bill to strengthen banks’ responsibilities to their customers, including a requirement to agree clear rules before banks close down branches.
“Banks are a central part of our lives, so it’s important they act responsibly and with respect to our communities,” said Kieran McAnulty.
“I’ve seen first-hand how difficult it is for communities, like mine in Wairarapa, when the banks they rely on vanish overnight. The impact on the people who live there and local business is huge.
“My Bill will require the Reserve Bank to sit down with all registered banks in New Zealand and agree on clear, easy to understand rules for how the banks should interact with their customers.
“This code of conduct will be publically available, so bank customers know what to expect from their bank and can make a complaint to their bank if they think they’re being hard-done by.
The Reserve Bank of New Zealand (Code of Conduct) Amendment Bill also requires the Reserve Bank to publish details on how well banks comply with the code of conduct.
“We can strengthen Kiwis’ trust in their banks by working together to create clear rules and then ensure the banks stick to the rules.” Kieran McAnulty said.