25 Sep 2019

Banks warned: Govt to ban sales-based incentives

From Checkpoint, 5:43 pm on 25 September 2019

Insurance brokers and bankers can kiss goodbye to junkets and bonuses as the government moves to ban sales-based incentives.

The Commerce and Consumer Affairs Minister Kris Faafoi announced stricter controls on banks and insurers today in the wake of scathing reviews by the Reserve Bank and the Financial Markets Authority.

The financial services sector and the National Party are broadly supportive of the changes but say the devil will be in the detail.

RNZ political reporter Jo Moir has the story.