• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Briefs: CBA in rerun of lost data, NZ banks write to regulators

03 May 2018 4:43PM
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.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use