The New Zealand Banking Association applied in September for authorisation to collectively negotiate the price they pay for cash-handling services.
Model suggests Government kick-start and ongoing contributions could generate $10b of savings by 2043.
The Commerce and Consumer Affairs Minister’s support for the umbrella group follows a damning report that said it lacked a clear purpose.
The Sapere report highlighted concerns that the umbrella group has a focus on creating processes, not outcomes.
NZX lauds move as ‘practical and sensible’.
A decision from Cabinet on whether to proceed with legislation that would make it easier for KiwiSaver providers to invest in unlisted assets is expected this month.
Sydney-based private equity firm Mercury Capital has taken a 25% stake in investment firm.
Contributions rose 8.8% to $12.2 billion for the year, although non-contributor numbers are also on the rise, the FMA says.
Stefanie Drews of Amova, formerly Nikko, says global markets have become complex, fragmented, and need to be approached with care.
The Australian parent company announced today that thousands of employees will leave the group by September 2026.