Will this government protect major banks, not consumers' interests?

Commerce and consumer affairs minister Andrew Bayly. Source: Parliament

The devil is in the detail is such a cliché, but it certainly does apply to how a government implements its policies.

When commerce and consumer affairs minister Andrew Bayly said he wanted to simplify and streamline financial services regulation, reduce duplication and remove undue compliance costs, while at the same time improving consumer outcomes, that's the very definition of a motherhood-and-apple-pie policy.

What wasn't mentioned is that it seems Bayly is planning to make life a lot easier for banks and other financial institutions by lessening a key liability which just happens to be the basis of a class action suit against ANZ Bank New Zealand, our largest bank, and ASB Bank, another of the big four banks.

The major banks have already succeeded in reducing the burden for future booboos.