Westpac has made an expensive blunder – overcharging customers by $6.3 million. 

25,000 customers are affected. 

The Financial Markets Authority (FMA) has launched civil proceedings against the bank and both parties have agreed to resolve the matter. 

Massey University banking expert Dr Claire Matthews tells Tim Beveridge from a monetary perspective the mistake is not that big for Westpac, though may have a large impact on the customers affected. 

Matthews says this, along with recent action with Kiwibank and ANZ shows the FMA is being more proactive in its regulatory role. 

LISTEN ABOVE 

Westpac has made an expensive blunder – overcharging customers by $6.3 million.&nbsp;
25,000 customers are affected.&nbsp;
The Financial Markets Authority (FMA) has launched civil proceedings against the bank and both parties have agreed to resolve the matter.&nbsp;
Massey University banking expert Dr Claire Matthews tells Tim Beveridge from a monetary perspective the mistake is not that big for Westpac, though may have a large impact on the customers affected.&nbsp;
Matthews says this, along with recent action with Kiwibank and ANZ shows the FMA is being more proactive in its regulatory role.&nbsp;
LISTEN ABOVE&nbsp;

Don't miss a thing while you're on holiday, with Newstalk ZB Holiday Breakfast. We deliver the best in news, views and opinion to keep Kiwis informed and entertained while you're on the road, at the bach, or relaxing at home.

Don't miss a thing while you're on holiday, with Newstalk ZB Holiday Breakfast. We deliver the best in news, views and opinion to keep Kiwis informed and entertained while you're on the road, at the bach, or relaxing at home.

Don't miss a thing while you're on holiday, with Tim Dower and Newstalk ZB Holiday Breakfast.

Holiday Breakfast

Don't miss a thing while you're on holiday, with Tim Dower and Newstalk ZB Holiday Breakfast. Tim delivers the best in news, views and opinion to keep Kiwis informed and entertained while you're on the road, at the bach, or relaxing at home.

Dr Claire Matthews: Massey University Banking Expert on Westpac's $6.3 million blunder

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2238eaaa-c4ff-42bc-b348-b24f016b1e4c/transcript

Cook Islands have had a proposal to introduce separate passports for its citizens while retaining New Zealand citizenship rejected. 

The office of New Zealand’s Foreign Minister Winston Peters says the Cook Islands can only have its own passport if it gives up NZ citizenship. 

The Cook Islands operates in free association with New Zealand, conducting its own affairs. But, New Zealand is responsible for its foreign affairs and defence, plus Cook Islanders can live, work and access healthcare here. 

International Relations Professor Robert Patman tells Tim Beveridge it is not clear how widespread the want for independence is in the Cook Islands.  

Cook Islands Prime Minister Mark Brown says they need their own passport to “recognise our own people”. 

Patman says there is a concern that Prime Minister Brown is putting a good relationship with NZ in jeopardy with this initiative. 

LISTEN ABOVE 

Cook Islands have had a proposal to introduce separate passports for its citizens while retaining New Zealand citizenship rejected.&nbsp;
The office of New Zealand’s Foreign Minister Winston Peters says the Cook Islands can only have its own passport if it gives up NZ citizenship.&nbsp;
The Cook Islands operates in free association with New Zealand, conducting its own affairs. But, New Zealand is responsible for its foreign affairs and defence, plus Cook Islanders can live, work and access healthcare here.&nbsp;
International Relations Professor Robert Patman tells Tim Beveridge it is not clear how widespread the want for independence is in the Cook Islands. &nbsp;
Cook Islands Prime Minister Mark Brown says they need their own passport to “recognise our own people”.&nbsp;
Patman says there is a concern that Prime Minister Brown is putting a good relationship with NZ in jeopardy with this initiative.&nbsp;
LISTEN ABOVE&nbsp;

Robert Patman: International Relations Expert on Cook Islands seeking separate passport while wanting to retain NZ citizenship

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2995f087-74bf-4638-8d14-b24f0178ddab/transcript

One of New Zealand’s largest performing arts events has been forced to scale back. 

Polyfest organisers say they were promised a boost in funding from Pacific Peoples Minister Shane Reti, and given assurances the money would come through from Deputy Prime Minister Winston Peters. 

When the time came, the boost was just $5000 – which Polyfest Trust Chair Steven Hargreaves tells Tim Beveridge is not an influential amount for an event that costs $2 million to put on. 

“It’s an investment in the youth. The Government have talked a lot this year about school attendance, school engagement, achievement, literacy and numeracy. Polyfest can deliver on all of those fronts.” 

Last year’s event drew 80,000 visitors with 8000 students performing. This year’s event will see a stage dropped to scale back on cost. 

LISTEN ABOVE 

One of New Zealand’s largest performing arts events has been forced to scale back.&nbsp;
Polyfest organisers say they were promised a boost in funding from Pacific Peoples Minister Shane Reti, and given assurances the money would come through from Deputy Prime Minister Winston Peters.&nbsp;
When the time came, the boost was just $5000 – which Polyfest Trust Chair Steven Hargreaves tells Tim Beveridge is not an influential amount for an event that costs $2 million to put on.&nbsp;
“It’s an investment in the youth. The Government have talked a lot this year about school attendance, school engagement, achievement, literacy and numeracy. Polyfest can deliver on all of those fronts.”&nbsp;
Last year’s event drew 80,000 visitors with 8000 students performing. This year’s event will see a stage dropped to scale back on cost.&nbsp;
LISTEN ABOVE&nbsp;

Steven Hargreaves: Polyfest Trust Chair on Government not delivering enough in promised funding boost

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/3551dd68-4235-4026-99b2-b24f01740d36/transcript

An illegal tobacco operation has seen $2.5 million worth of assets seized. 

Police and Customs found 100kg of loose tobacco, 230,000 cigarettes, and 10,000 concealed tea packets at properties in Napier and Gisborne.  

Four of those involved in the operation are currently before the courts. 

Action for SmokeFree chairperson Professor Robert Beaglehole tells Tim Beveridge the number of illegal tobacco seizures is increasing. 

He says people are desperate due to high prices of tobacco through licensed outlets and illegal trade is driven by cheaper prices. 

LISTEN ABOVE 

An illegal tobacco operation has seen $2.5 million worth of assets seized.&nbsp;
Police and Customs found 100kg of loose tobacco, 230,000 cigarettes, and 10,000 concealed tea packets at properties in Napier and Gisborne. &nbsp;
Four of those involved in the operation are currently before the courts.&nbsp;
Action for SmokeFree chairperson Professor Robert Beaglehole tells Tim Beveridge the number of illegal tobacco seizures is increasing.&nbsp;
He says people are desperate due to high prices of tobacco through licensed outlets and illegal trade is driven by cheaper prices.&nbsp;
LISTEN ABOVE&nbsp;

Robert Beaglehole: Action for Smokefree Chairperson on illegal tobacco operations and increase in seizures

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/2fff0a09-df3e-4768-b995-b24f016e3bd5/transcript

Dr Claire Matthews: Massey University Banking Expert on Westpac's $6.3 million blunder

In 1 playlist(s)

Holiday Breakfast

Social links

Follow podcast

Recent clips