This includes working with over 100 insurers in New Zealand to ensure that they meet the Reserve Bank’s new licensing standards by 7 September 2013. We are also working to establish a licensing framework for around 60 non-bank deposit takers that we currently regulate.
Today, some banks levy a penalty or an interest charge for not maintaining a minimum balance, for not operating a bank account for a certain period, and for other negligent behaviour – although the interest charges paid by the bank for similar negligent behaviour are less than those paid by the depositor.