As the fallout from the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry continues, we’re checking to see whether you think a similar Royal Commission should take place in New Zealand.
By the end of this week, all financial institutions must provide to the FMA an overview of the actions they are taking to review their operations and to identify and address any conduct and culture issues, presumably reflecting the conduct and culture issues that have been laid bare across the Tasman (see: Aussie Royal Commission Causing a Stir in NZ).
There is clear concern from the FMA to ensure similar conduct and culture issues are not rife within the NZ banking and financial services sector
There is clear concern by the FMA to ensure similar conduct and culture issues are not rife within the NZ banking and financial services sector and, although there have been calls in mainstream media for an NZ Banking Royal Commission, there does not appear to be the same historical level of misconduct in New Zealand, nor does there appear to be the same political will to make it happen.
Where do you stand on this issue? Are you one of the (probable) majority who believes a New Zealand Banking Royal Commission is not needed? Or do you think that, with what the FMA refers to as ‘…an obvious cross-over’ between New Zealand and Australia in terms of entities, people and practices that a Royal Commission here will reveal similar issues?
It’s over to you to have your say and we’ll report back next week…