Initiating a Market Study into Personal Banking Services
Published: 28 Jun 2023Cabinet paper requesting a competition market study into personal banking services by the Commerce Commission.
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PDF, 264KB, 15 pages
Competition study into personal banking services
Find out about the Commerce Commission's study into competition for the supply and acquisition of personal banking services.
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On 20 June 2023, the Government asked the Commerce Commission to begin a competition market study into any factors that may affect competition for the supply or acquisition of personal banking services and to make its final report for the study publicly available by 20 August 2024.
Personal banking services cover a number of essential services for individuals and households, including:
- savings and deposit services
- mortgages
- other lending.
This topic was chosen because of the importance of personal banking services for household saving and spending and for the New Zealand economy. There are indications that competition in the sector may not be working as well as it can for consumers.
Market study to investigate banking competition(external link) — Beehive.govt.nz
Gazette notice for the study(external link) — Gazette.govt.nz
Further details on the Commerce Commission’s study into personal banking services are available on the Commission’s website.
Competition studies(external link) — Comcom.govt.nz
Initiating a Market Study into Personal Banking Services – Minute of decision
Published: 28 Jun 2023Cabinet approved the Commerce Commission’s market study into personal banking services.
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PDF, 155KB, 2 pages
Last updated: 28 June 2023