Update on FMA/RBNZ Bank Culture and Conduct review
Today the Reserve Bank of New Zealand and the FMA confirmed that all 11 banks involved in their ongoing review of conduct and culture, have provided their responses to individual feedback letters.
The regulators will now begin working through the responses provided by 11 NZ registered banks.
Based on the volume of the responses, at this stage the FMA and the Reserve Bank will not be making a substantive comment on the contents of these documents until they have been thoroughly reviewed.
We expect this process to take several weeks, bearing in mind the break for Easter. We will make a further statement when we have completed this process.
Life insurers reviewed as part of the second stage of the conduct and culture review have until the end of June to provide their feedback and response plans.