November 08, 2018
Pockets pouched as kiwis turn joey
New Zealand First MP Shane Jones says a review clearing Australian trading banks of criminal activities here overlooks the systemic damage done by their market power.
The four-month review by the Financial Markets Authority and the Reserve Bank into conduct and culture at 11 banks operating in New Zealand followed Australia's Royal Commission into misconduct in the financial services sector.
It identified some poor conduct by bank staff, and recommended banks stop paying incentives to staff to sell products customers don't need.
Mr Jones says there is a lack of competitiveness in the New Zealand economy, including in supermarkets, fuel companies, building supplies and banks.
"It's just not good enough that we as an economy are sitting blithely back as we export $5.5 billion of the nation's wealth into the pockets of Aussies and we are like joey in the pouch," he says.
New Zealand First wants a more open banking system, and it's also pushing for a levy on Australian banks.
Copyright © 2018, UMA Broadcasting Ltd: www.waateanews.com