Report into culture of New Zealand banks to be released, in wake of damning Australian investigation

A report into the conduct and culture of New Zealand banks will be released today.

The joint report by the Reserve Bank of New Zealand and the financial markets authority was prompted by Australia's inquiry into its financial sector which, revealed serious misconduct.

It found banks across the Tasman were 'driven by greed' and they were over charging and lying to customers, as well as conducting illegal behaviour.