29 June 2023
Sean Marshall
[FYI request #22782 email]
Dear Sean
Thank you for your Official Information Act 1982 (OIA) request of 12 May 2023, asking the following
from the Reserve Bank of New Zealand – Te Pūtea Matua:
The Nelson Building Society's slogan used in advertising is "Banking for Life". Has the RBNZ ever
investigated whether the building society’s use of the word "banking" in this way is a breach of the
Banking (Prudential Supervision) Act 1989? Has the building society ever been investigated or
received any warning or disciplinary proceedings for using any restricted word under that Act? If
so, please provide information on the outcome of that process.
Response
The Nelson Building Society has not been the subject of a formal investigation by the RBNZ.
In 2016, however, the RBNZ wrote to the Nelson Building Society advising that the use of the word
“banking” on its website may contravene section 64 of the Reserve Bank Act 1989 (the Act). The
RBNZ required corrective action from the Nelson Building Society in order for it to be compliant with
the Act. The Nelson Building Society undertook corrective action by adding a statement on its
website confirming it is not a registered bank in New Zealand.
You have the right to seek an investigation and review of this response by the Ombudsman, in
accordance with section 28(3) of the OIA. The relevant details can be found on the Ombudsman’s
website at
www.ombudsman.parliament.nz.
Please note that we intend to publish a copy of this response on the RBNZ website:
www.rbnz.govt.nz/research-and-publications/official-information-requests. Responses to requests
are published in order to improve public transparency and provide an additional resource for anyone
seeking information.
Yours sincerely
Government and Industry Relations
Reserve Bank of New Zealand – Te Pūtea Matua