Australian-owned banks in New Zealand are being asked to front up and prove they're not ripping off their Kiwi customers.
It follows a string of revelations from a high-level inquiry in Australia, with banks now promising to change the way they do business.
With revelations of lying and over-charging, major resignations and criminal accusations, Australian banks are in crisis.
Their bad behaviour has been exposed at the Financial Services Royal Commission in Australia.
"It has been a horror story," said Rob Everett of New Zealand's Financial Markets Authority.
Now those banks are being asked to defend themselves in New Zealand.
FMA and Reserve Bank bosses this week called in representatives from New Zealand's five big Australian-owned banks, asking them to show how their business practices are different.
"Please explain. Show us what work you have done, show us what work you are going to do and then we'll apply our own lens to that," Mr Everett said.
Karen Scott-Howman of the Bankers Association says there are some differences between Australia and New Zealand.
"The tangible ones, I think, are in the way that we are regulated. So, we have strong regulation, we have strong regulators," she said.
“They are more likely to offer products to their customers that they haven't asked for and they probably don't need.
Banks in New Zealand made $5 billion last year. And yesterday ANZ posted a record profit for the first half of this financial year.
Consumer NZ says Kiwi customers have concerns about banks.
"They are more likely to offer products to their customers that they haven't asked for and they probably don't need. So, sort of a good poke around in those areas I think would be really good and will provide some, I guess, reassurance to their customers here," said Sue Chetwin of Consumer NZ.
The banks say they are happy to co-operate.
"I think our customers should be confident that there is a strong banking culture here. But I totally respect that people want to have evidence of that," Ms Scott-Howman said.
They are also proposing a register of bad behaviour, and removing financial incentives to staff for upselling.
"Incentives are the key issue here. It's how you pay people, how you reward people. And the banks really have got to change their models," Mr Everett said.
Banks here now have three weeks to get back to authorities, and show they are behaving properly.
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