NZ banks not off the hook yet in wake of Australian scandal

MPs have been told there is no evidence the country's banks are ripping off customers like their Australian counterparts. The Financial Markets Authority and Reserve Bank appeared before a select committee yesterday to give an update of their investigation into retail banks. They said they had not discovered any evidence of widespread, systemic issues, but the work they were still doing "may test this view". Our economics correspondent Patrick O'Meara asked the managing director of KiwiSaver provider Simplicity, Sam Stubbs, if banks are off the hook.