Banks in New Zealand have been told they will be getting on-site visits by the two banking regulators there. The joint Financial Markets Authority and Reserve Bank New Zealand review of conduct and culture in the New Zealand banking sector "is progressing rapidly", said RBNZ governor Adrian Orr on Friday. "The team working on this are now beginning to notify banks of when and why we will visit them, primarily to assess the validity of their written responses," Orr said. He added that it had always been the intention of the regulators to conduct on-site visits, with "targeted visits more effective than a simple download of the data and open-ended questioning … there are many areas where further evidence is needed, as well as proof of intent where gaps have been identified and are being closed." Life insurers operating in New Zealand can expect a similar process.