New Zealand

Details

  • Service: Audit
  • Industry: Financial Services
  • Type: Business and industry issue, Publication series, Survey report
  • Date: 17/12/2013

For further details contact us

John Kensington

John Kensington 

Head of Financial Services

+64 9 367 5866

 

Matt Prichard

Matt Prichard 

Head of Audit

+64 9 367 5846

FIPS Non Banks - Review of 2013 

Financial Institutions Performance Survey – Non banks

Competition heats up between NZ banks and finance companies

 

Competition between New Zealand banks and financial institutions is heating up when it comes to winning customers’ business – partly due to the new mortgage lending restrictions.

KPMG FIPS Non Banks December 2013
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While there has been some asset growth in the sector, margin pressure is continuing and competition with banks remains a major challenge for finance companies.

 

Overall, the latest Survey reports that New Zealand finance companies and savings institutions have emerged fairly well from the Global Finance Crisis (GFC).

 

The 23 institutions surveyed have been successful in adapting their business to the post-crisis environment, with the focus having shifted to managing margins and growth in light of a competitive lending environment that is at last starting to show some new opportunities.

 

Another key finding of the Survey is the challenge of increased regulation in the sector. The Anti-Money Laundering and Countering Financing of Terrorism Act came into full effect on 30 June 2013.

Financial Institutions Performance Survey - FIPS surveys and quarterly updates produced by KPMG's Financial Services team. 

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