12855 (2026). Arena Williams to the Minister of Commerce and Consumer Affairs

12855 (2026). Arena Williams to the Minister of Commerce and Consumer Affairs: Does the Minister agree with the Commerce Commission that banks have not invested in software, processes, systems and staff training at a level that is required to protect their clients?

Cameron Brewer: The Commerce Commission’s market study into personal banking services found limited investment in innovation by banks. I agree with the findings of the Commerce Commission’s market study report and note that banks have made progress in investing in systems such as confirmation of payee that protect their clients from scams.