NZ banks have been put on notice to treat vulnerable customers fairly following the loosening of Jacinda Arden’s lockdown measures.
They have also been urged to look out for COVID-19 related frauds against customers and asked to increase the level of contact they have with them.
The requests were made by Financial Markets Authority chief executive Rob Everett who wrote to the CEOs of the firms the regulator licenses outlining its expectations.
“We acknowledge COVID-19 has resulted in enormous pressure being felt by the wider financial services sector and that you have taken steps to support customers during these unprecedented times,” he said.
“We also acknowledge the work of the industry associations at this time, reinforcing existing codes of conduct and the issuance of further guidance for their sectors and clients.
“The wide-ranging regulatory relief we have offered is all aimed at allowing you to continue to focus on…