Does the Minister believe consumers face excessive banking fees; if yes, what action will be taken, if anything?

Answer

The Government is addressing concerns by progressing broader competition reforms such as Kiwibank capitalisation, open banking, and lower barriers to new entrants. The Government also notes the work led by the Financial Markets Authority to monitor how quickly banks pass changes in the official cash rate to customers and its monitoring of banks’ product reviews to ensure that products like transaction accounts continue to meet consumer needs.