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Source: MIL-OSI Submissions
Source: Reserve Bank of New Zealand

08 July 2021 – The Reserve Bank of New Zealand – Te Pūtea Matua launched the Relationship Charter in 2018 as a step towards achieving its aspiration to build the best possible ‘regulated-regulated’ relationships.

The Charter commits the Reserve Bank and the financial sector to a mutual understanding of appropriate conduct and culture and is underpinned by the principle of ‘te hunga tiaki’ – the combined stewardship of an efficient system for the benefit of all.

The Bank have committed to regular reviews of our own performance against the Charter’s values. We undertook our first survey in April 2020 and repeated the exercise in April 2021, commissioning Buzz Channel once again. The summary of the report is now available to read.

Key findings
We had a good response to the survey this year, with 97 responses from banks and 86 from insurers.

We are pleased that the Bank’s perfomance is rated significnatly higher compared to 12 months ago in terms of the overall relationship. 91% of bank participants gave a rating of 4 or 5 (out of 5) this year compared to 68% in 2020. The banks reported a significant increase in frequency of engagement with the Reserve Bank compared to last year.

This was the first year the insurance sector was surveyed and two thirds of insurer participants rated their relationship with the Reserve Bank highly (4 or 5 out of 5).

There was recognition of the Reserve Bank’s performance over the last twelve months, partiularly on our response to the Covid-19 crisis and our handling of the Accellion FTA data breach.

Participants also provided a significant amount of constructive feedback which provides the Reserve Bank with an opportunity to identify possible improvements to processes, systems and communication.

Over the next few months the Reserve Bank will continue to reflect on the industry feedback and implement changes we can make to build on the positive work to date. We are committed to openness and regular communication to support a stronger partnership between us and regulated firms.