Loan applications and approvals are up, says a new report, but impairments are also at their highest levels in five years.
Lender processing times have blown out as cashback offers prompt widespread switching by borrowers between banks.
Dentons partner David Ireland says Whimp’s own words show Chance Voight ‘quacks like a duck’, although some information is still lacking.
Low-ball offeror Bernard Whimp’s Chance Voight companies were thrown into interim liquidation this week and are under FMA investigation.
ANZ has downplayed the changes, while ASB says they are ‘significant’ for sector and lenders.
Chance Voight is under FMA investigation and has been put into interim liquidation.
Chief executive Vittoria Shortt admits there were shortcomings with its transaction monitoring and customer due diligence systems.
The bank has made a settlement agreement with the Commerce Commission.
KPMG’s second report on tech reinforces that cost is a challenge for financial service firms as they upgrade legacy systems.
The New Zealand Banking Association applied in September for authorisation to collectively negotiate the price they pay for cash-handling services.