Kim Hill interviews Australia's Banking Ombudsman, Graham McDonald, about the decision to appoint a New Zealand Banking Ombudsman. The move comes from the Bankers Association, who want the person to mediate disputes between banks and their customers.
McDonald speaks about his first year as Ombudsman in Australia - he says it has been a success so far, with more than a million dollars paid by banks to customers.
The proposed Ombudsman position in New Zealand will be in addition to a new Code of Banking Practice, which Australia doesn't have. The code would likely reflect current practice, rather than setting a higher standard.
McDonald then speaks about his powers as Ombudsman, and the complaints process.