All whānau should have fair access to the market provided services which are essential to their health, wellbeing and social participation. A market study focused on competition should explore whether competition is delivering choice and low prices to all.
Our highest priority in providing feedback is sharing that financial mentors report that some whānau have to go to great lengths to, or cannot, obtain a bank account in Aotearoa. Common related circumstances are that a person is going through an insolvency or leaving prison. This is further evidenced by reports and articles released by industry, independent and community stakeholders.1 We are also aware of live work by members of the Council of Financial Regulators which might explore this issue’s impact on financial inclusion in Aotearoa.
Personal banking issues paper submission