The finance industry has been urged to "scrub" its products and services and take action now rather than waiting for the Government to legislate.
Rob Everett, chief executive of the Financial Markets Authority, told attendees at the annual financial sector conference held by the Financial Services Council, that the industry was at a crossroads.
"Public trust in financial services as a whole is at historic lows across the world. Here in New Zealand, the situation has generally been better but more recently public trust has been shaken."
ANZ - the country's largest bank - has been rocked by issues this