Briefs: CBA in rerun of lost data, NZ banks write to regulators
CBA can't take a trick. Two years after misplacing tapes containing customer data destined for destruction, a snafu quietly dealt with by the relevant regulators, the bank has had to reassure customers that all is well. On its website the bank explains: "In May 2016 we were unable to confirm the scheduled destruction of two magnetic tapes used to print bank statements. These tapes contained information including customer names, addresses, account numbers and transaction details. They did not contain passwords, PIN numbers, or other data which could enable account fraud … An independent forensic investigation ordered by CBA in 2016 and conducted by KPMG determined the most likely scenario was the tapes had been disposed of." The statement adds that Bankwest customers are not affected. The New Zealand Bankers Association has cast shade on Australian regulators as banks in NZ are pushed to prove they are not guilty of the type of misconduct uncovered by the Hayne royal commission. Bankers Association CEO Karen Scott-Howman told OneNews that there were "differences between Australian and New Zealand, and the tangible ones are in the way we are regulated. We have strong regulation, we have strong regulators." In a letter to the Financial Markets Authority and the Reserve Bank, the Bankers Association has suggested an industry-wide whistleblowers' standard to safeguard employees wishing to raise conduct issues and has committed to establishing a "bad conduct" register. The FMA and RBNZ have given the Australian-owned banks three weeks to assure them there is no need for a full inquiry in New Zealand.