A high-powered microscope will be trained on New Zealand's banks.
The Government has just confirmed a Commerce Commission probe into banking sector competition.
Top of mind will be understanding competition issues and barriers new market competitors face, as well as looking into consumers' ability to switch banks.
The Commission will also investigate banks’ profitability and other financial measures.
A preliminary issues paper will be released in August, but the study isn't due back until the same time next year.
Simplicity Managing Director and founder of KiwiSaver provider Simplicity Sam Stubbs told Stuff the enquiry is four years too late, but it's good it has finally arrived.
Stubbs joined Simon Barnett and James Daniels to discuss the announcement.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.