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Does the Minister agree with the Commerce Commission that banks have not invested in software, processes, systems and staff training at a level that is required to protect their clients?

Answered Question 12855 (2026)
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Asked by

Arena Williams

Member for Manurewa · Labour Party

Question

  • Does the Minister agree with the Commerce Commission that banks have not invested in software, processes, systems and staff training at a level that is required to protect their clients?

Answered by

Cameron Brewer

Member for Upper Harbour · National Party · Minister of Commerce and Consumer Affairs

Answer

The Commerce Commission’s market study into personal banking services found limited investment in innovation by banks. I agree with the findings of the Commerce Commission’s market study report and note that banks have made progress in investing in systems such as confirmation of payee that protect their clients from scams.