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The New Zealand Government will closely analyse the outcomes of the Australian Royal Commission but has already committed to ensure consumer interests are protected in the banking and insurance sector.

The Government agreed at Cabinet today to fast-track customer protection measures in the financial sector.   

Banks must lift their game to ensure the rights of customers are protected, Commerce and Consumer Affairs Minister Kris Faafoi says.

Finance Minister Grant Robertson and Commerce and Consumer Affairs Minister Kris Faafoi have met with the Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA) to discuss their previously announced review of the conduct and operations of the financial sector.