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Banking and Finance

Auckland man’s five-year legal ordeal over mistaken $11.5k transfer exposes gaps in NZ banking protections

Daily Telegraph NZ -

Auckland businessman Mark Graham has spent five years battling to recover $11,500 mistakenly transferred to the wrong bank account due to a post-concussion error. After...

Reserve Bank Board appointments announced

Daily Telegraph NZ -

Former Acting Governor Grant Spencer has been appointed to the Reserve Bank of New Zealand Board, Finance Minister Nicola Willis has announced. Board member Byron...

Hardship and business failures on the rise

Daily Telegraph NZ -

New data from Centrix shows a 14% year-on-year increase in financial hardship, with nearly 50,000 individuals struggling to pay bills—24,000 of whom are facing...

UK tribunal upholds ban for former Barclays Bank CEO over Epstein ties

Daily Telegraph NZ -

Former Barclays CEO Jes Staley lost his appeal against a lifetime ban from working in London’s financial sector due to his close relationship with...

Funding dispute with Willis prompted Orr’s resignation

Daily Telegraph NZ -

Reserve Bank documents released under the Official Information Act reveal that Governor Adrian Orr resigned due to a major funding dispute with Finance Minister...

Kiwibank cuts home loan and deposit rates following OCR drop

Daily Telegraph NZ -

Kiwibank has lowered several home loan and term deposit rates following last month’s 25bps cut to the Official Cash Rate. The bank’s six-month and one-year...

Kiwis losing out on $1.2b in interest by leaving ‘lazy money’ in zero-interest accounts

Daily Telegraph NZ -

Many New Zealanders are missing out on significant returns by keeping billions in transaction accounts that pay no interest, according to Squirrel CEO David...

RBNZ cuts OCR to 3.25% amid split vote

Daily Telegraph NZ -

The Reserve Bank has cut the official cash rate by 25 basis points to 3.25 percent, citing subdued inflation and spare economic capacity, though...

Major UK bank blames Westpac for lost $158K transfer

Daily Telegraph NZ -

Pensioner Andrew Che Sit Bong lost $158,000 after a digit error during an international transfer from Barclays to a Westpac account in Auckland. Che mistakenly...

Westpac fined $3+ million for misleading and overcharging thousands of customers

Daily Telegraph NZ -

Westpac has been fined $3.25 million by the High Court for breaches involving misleading conduct and overcharging nearly 25,000 customers a total of $6.35...

Banks could be extinct in 10 years – Eric Trump

Daily Telegraph NZ -

Blockchain technology can perform financial transactions more efficiently, the president’s son has said. Banks could face extinction within a decade if they fail to embrace...

Auckland woman may face charges after spending $158,000 mistakenly transferred to her account

Daily Telegraph NZ -

An Auckland woman who spent $158,000 mistakenly transferred to her bank account could face theft charges, according to a legal expert. The money, sent by...

Law firms lose millions in ANZ phone scam

Daily Telegraph NZ -

Several Wellington-based law firms have lost over $2 million in a sophisticated phone scam where criminals impersonated ANZ bank staff. Scammers, pretending to be from...

FMA files criminal charges against former investment advisor

Daily Telegraph NZ -

The Financial Markets Authority (FMA) has filed criminal charges against former financial adviser David McEwen, for failing to comply with an FMA stop order,...

‘Right time to leave’: Orr steps down as Reserve Bank Governor

Daily Telegraph NZ -

Reserve Bank Governor Adrian Orr has announced his resignation, with Chair Neil Quigley stating it was a personal decision made at a time Orr...

Major banks cut interest rates

Daily Telegraph NZ -

Following a 50 basis point cut to the official cash rate (OCR) by the Reserve Bank, all major banks have reduced their floating mortgage...

NZ First introduces Bill to curb ‘woke’ banking practices

Daily Telegraph NZ -

New Zealand First has introduced a Member’s Bill seeking to prevent banks from denying services to businesses based on Environmental, Social, and Governance (ESG)...

Consumer arrears rise

Daily Telegraph NZ -

Consumer arrears increased slightly in December as holiday spending drove higher borrowing, but the pace of growth has slowed, indicating households are managing debt...

ANZ under fire for processing fraudulent transfers despite warnings

Daily Telegraph NZ -

ANZ Bank is facing criticism after staff assisted a scam victim in transferring $250,000 to an account flagged for fraud just weeks after another...

UDC Finance accused of forging contractor’s signature on loan contracts

Daily Telegraph NZ -

Neville Rodgers of Pacific Mulching Ltd alleges UDC Finance staff forged his signature on loan agreements totaling over $1.5 million, forcing him to repay...

Westpac blames ‘system failures’ for overcharging 25,000 customers $6.3m

Daily Telegraph NZ -

Westpac Bank has admitted to overcharging nearly 25,000 customers a total of $6.3 million by failing to deliver promised discounts and benefits tied to...

Commerce Commission targets card payment fees

Daily Telegraph NZ -

The Commerce Commission has released a draft decision aimed at reducing the fees businesses pay to accept Mastercard and Visa payments, which are often...

Government boosts Kiwibank in bid to increase competition

Daily Telegraph NZ -

The government is taking steps to increase competition in the banking sector, with Finance Minister Nicola Willis announcing measures to strengthen Kiwibank and urging...

Ex-Bank of China chairman slapped with suspended death sentence

Daily Telegraph NZ -

Liu Liange’s verdict comes as part of widespread anti-corruption efforts in Beijing. The former head of a top Chinese bank has received a suspended death...

Archegos founder Bill Hwang sentenced to 18 years for massive securities fraud

Daily Telegraph NZ -

The founder of Archegos Capital Management Bill Hwang was sentenced to 18 years in prison for orchestrating a securities and market manipulation scheme that...

ASB investment arm extols relationship with ‘vulture fund’ BlackRock in job ad

Daily Telegraph NZ -

A recent job advertisement for a Chief Investment Officer at ASB General Investments has caused a stir on social media with the bank extolling...

Major overhaul of anti-money laundering system announced

Daily Telegraph NZ -

The government is set to introduce a significant overhaul of its Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system, aiming to improve efficiency...

Mortgage rate competition heats up, expected to drop below 5% by Christmas

Daily Telegraph NZ -

New Zealand's banks are entering a competitive "war" over home loan rates, with mortgage brokers predicting that rates could drop below 5% before Christmas. ANZ's...

Reserve bank cuts cash rate as banks respond with lower lending rates

Daily Telegraph NZ -

The Reserve Bank of New Zealand has cut the official cash rate (OCR) by 50 basis points to 4.75 percent, the lowest in 18...

The “Financial Coup” that seized America

Peter St Onge -

In the wake of the 2008 Financial Crisis, former chief economist of the IMF Simon Johnson warned that the same dysfunctional policies he saw...

Rothschild helped Ukraine clinch debt restructuring – Reuters

Daily Telegraph NZ -

Kiev’s financial adviser arranged face-to-face meetings with bondholders in July 2022 after initial talks failed, according to a report. Ukraine reached its recent agreement with...

Court of Appeal approves massive class action against ANZ and ASB

Daily Telegraph NZ -

The Court of Appeal has ruled that up to 100,000 customers of ANZ and ASB Banks can participate in one of the largest class...

‘Delivering more competitive banking for Kiwis’ – Willis

Daily Telegraph NZ -

The Government will act on all 14 recommendations made by the Commerce Commission’s final report into bank competition Finance Minister Nicola Willis and Commerce...

Westpac cuts home loan interest rates following Reserve Bank’s shift on OCR outlook

Daily Telegraph NZ -

Westpac has reduced its home loan interest rates, becoming the first bank to make such a move after the Reserve Bank of New Zealand...

Mortgagee sales see increase amid economic strain

Daily Telegraph NZ -

The rise in mortgagee sales is becoming noticeable, with a 35% increase from the previous year. Despite this, such sales constitute a small fraction of...

Willis orders inquiry into rural banking competition in New Zealand

Daily Telegraph NZ -

Finance Minister Nicola Willis has initiated an inquiry into the state of competition in New Zealand's banking sector, focusing on rural areas. She has written...

Kiwibank faces criminal charges for overcharging customers $7 Million

Daily Telegraph NZ -

Kiwibank is facing criminal charges from the Commerce Commission after it was found to have overcharged more than 36,000 customers approximately $7 million in...

Northland farmers struggle with high interest rates as bank profits surge

Daily Telegraph NZ -

Northland farmers are voicing frustration as they face increasing difficulty obtaining short-term loans to cover tax bills while banks report substantial profits from high-interest...

Family complain after elderly widow with dementia allowed to withdraw over $300K

Daily Telegraph NZ -

An 89-year-old widow, despite suffering from dementia, withdrew more than $300,000 from her bank account with the assistance of bank tellers at Westpac Masterton...

Defrauded Australian woman Jo O’Brien confronts Pakistani scammer in bid to recover stolen $500K

Daily Telegraph NZ -

After losing $500,000 to a sophisticated scam, Jo O'Brien, a recent divorcee, embarked on a relentless quest to confront the mastermind behind the fraudulent...

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