25 Jun 2019

Govt's bank savings protection plan welcomed

From Morning Report, 6:09 am on 25 June 2019

The government's plan to protect bank customers savings is expected to boost the confidence of savers.

It's proposing a bank deposit insurance scheme, which would safeguard up to between $30,000 to $50,000 of depositors' money in the event of a banking collapse.

It also plans to look at a tougher regime to make bank executives more accountable for bad behaviour, or undesirable banking practices.

Tom Hartmann from the Commission For Financial Capability outlined the plan to RNZ reporter Jonathan Mitchell.