3546 (2024). Arena Williams to the Minister of Commerce and Consumer Affairs

3546 (2024). Arena Williams to the Minister of Commerce and Consumer Affairs: Does the Minister agree with the Commerce Commission, in its draft report released 21 March, that “Progress towards open banking has been too slow. Open banking will help tip the scale for smaller challengers overseas and can be expected to boost innovation and competition for personal banking services. However, progress in New Zealand has been too slow, because the major banks have been left to set the nature and the pace of change. As a result, New Zealand is now falling behind the rest of the world. Progress towards open banking needs to be maintained and accelerated within a clear regulatory framework and with government-set deadlines”?

Hon Andrew Bayly: I agree providing the appropriate environment for open banking is important, however am awaiting the contents of the final report to inform my decisions.