Review into New Zealand bank conduct reveals failings

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The Reserve Bank of New Zealand has asked the government to consider granting regulators “sufficient” supervision and enforcement powers around conduct risk, as a review into the sector flagged “significant weaknesses”.

According to the Culture and Conduct Review, the first report of its kind, the current regulatory framework assigns coverage to activities and products, rather than institutions, leaving culture as something of a blind spot.

“The limitations of the Financial Markets Authority’s

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