June 24, 2019 / 2:30 AM / a month ago

NZ banks have outlined plans to remove sales incentives - regulators

WELLINGTON, June 24 (Reuters) - The Reserve Bank of New Zealand (RBNZ) and the financial regulator said on Monday that all banks had outlined plans to remove sales incentives from frontline staff and their managers following a conduct and culture review conducted last year.

The report last year by the RBNZ and the Financial Markets Authority (FMA) required banks to outline their plans to remove sales incentives after it found that banks had not sufficiently put customer outcomes at the heart of their business.

“We will now move to monitoring the banks’ progress against the plans they’ve provided,” FMA Chief Executive Rob Everett said in a statement.

Reporting by Praveen Menon Editing by Jacqueline Wong

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