The Reserve Bank of New Zealand is formalising its procedures with a phone line and dedicated email inbox for whistleblowers.
The move comes as the regulator beefs up its prudential function and as it continues with its review alongside the Financial Markets Authority on the conduct of banks and major insurers.
Phone calls and emails will be dealt with by the bank’s compliance team. The central bank stressed it does not take complaints from customers but is looking for employees or former bank employees with information.
The RBNZ encouraged employees to look at their own internal policy first. If they did not feel that was appropriate, either because they thought their employer may cover up the issue, or had not resolved the matter despite the disclosure, they should get in touch with the regulator.