Photo: RNZ
A veteran banker says the Commerce Commission's inquiry into banking will achieve "diddly squat".
The regulator is to do a market study of the banking industry, looking into competition for personal banking service: loans, mortgages, credit cards and other services.
It will also look into the ability of consumers to switch banks easily and barriers to new entrants.
The government has asked the Commerce Commission to undertake the probe, citing record high profits of more than 7-billion dollars raised concerns that the industry is not working well for New Zealanders.
The banking sector says there is plenty of competition in their sector but they'll cooperate with the inquiry.
David Cunningham has been in the banking sector for over 30 years, both with Westpac and latterly as Chief Executive of The Co-operative bank.
He says the inquiry will be thorough but will not deliver any change.
