Submission on Market Study on Personal Banking Services: Draft Report of Commerce Commission
18 Apr 2024
Payments NZ recently made a submission on the Commerce Commission’s draft report on its market study of personal banking services. This draft report was published on 21 March 2024 with written submissions requested by 18 April 2024. Our submission was confined to observations about bank customers changing banks (the process of switching). In particular, it focused on the arrangements that Payments NZ has in place to enable this to happen. We expressed the view that our current arrangements are reasonably fit for purpose and that we did not consider that it was necessary to go to the lengths suggested in the draft report. We did not consider it was necessary to create a dedicated entity to oversee the process of switching.
The draft report appears to be closely linked to the Commerce Commission’s subsequent consultation (on its proposal to recommend designation of the interbank payment network). This was published on 27 March 2024.