Should a Royal Commission be convened to investigate possible misconduct in New Zealand's banking and financial services industry?
- Yes (58%)
- No (38%)
- Not sure (3%)
Loading ...More than half the Kiwi adviser community thinks a Royal Commission should be convened to investigate NZ’s banking and financial services sector.
This is the outcome so far in our latest poll, in which 55% of those participating (almost entirely advisers) have voted that they’d support such a move.
We’ve posed this question, given the events across the Tasman and the fact that, according to the FMA, there’s ‘…an obvious cross-over’ between NZ and Australia in terms of entities, people and practices within the banking and broader financial services sector.
As we pointed out last week, though, there are two key factors that contributed to the convening of the banking Royal Commission in Australia that appear to be missing here in New Zealand:
- There isn’t the same history or volume of scandals and misconduct in the NZ banking and financial services sector
- There doesn’t appear to exist the same political will or drive to go down this path
Despite the absence of these two critical factors, however, more than half of all advisers still believe a Royal Commission should be held.
Why do you hold this view?
Do you mostly agree with the FMA on its point about the obvious cross-over between NZ and Australia in terms of entities, people and practices? Or are there other reasons, if you’re one of the 55%, that you think a similar Royal Commission is needed here?
Our poll remains open for another week and we encourage you to make your voice heard…