44248 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs

44248 (2025). Arena Williams to the Minister of Commerce and Consumer Affairs: Did the Minister ask for any advice from MBIE on whether the New Zealand Banking Association's voluntary reimbursement scheme for scams will be retroactive, and if not, why not?

Hon Scott Simpson: No. The update to the Banking Code of Practice sets out five new bank-led consumer protections that banks will adhere to. These commitments would not have been adopted had the Government not urged the banking sector to investigate a voluntary reimbursement scheme in 2024. This is an important win for bank customers, who have been advocating for some time for better recognition from banks of the role they play as the final gate between a consumer and a scammer. I refer the member to my press release on the matter here: https://www.beehive.govt.nz/release/better-compensation-scam-victims