TSB Optimistic For A Fairer Playing Field In New Zealand Banking Sector

TSB is optimistic there’s potential for a fairer playing field to be established in the New Zealand banking sector and with it, more domestic competition, following the release of today’s Banking Inquiry report.

Chief executive Kerry Boielle says TSB eagerly awaits the outcome of the RBNZ review into capital requirements.

“We’re hoping to finally see changes made to enable New Zealand owned banks to better compete against the Australian owned banks which currently have a distinct capital advantage.

“We are also encouraged that our calls for change to address some of the regulatory burden on the smaller, New Zealand owned banks have been heard, but the proof will be in how this is implemented.

“The report mentions the role of [Kiwbank], fintechs and non-bank deposit takers. Of course, there are fantastic small banks that can also provide effective competition in the retail banking sector which provide great outcomes for Kiwi.

“TSB’s an amazing choice for Kiwi consumers, but for too long we’ve been hamstrung by the huge compliance load, which takes our time and investment away from innovation, and hinders our chance to compete.

“Good regulation is critical for a well-functioning, robust financial system, however it can be managed more effectively, and we’re excited today’s report provides some tangible recommendations to help address this, and in doing so, improve competition in our banking sector.

“We look forward to seeing these put into action,” says Kerry.

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