Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Consumer credit law should be well-targeted and enforced

Consumer credit law should be well-targeted and enforced

The New Zealand Bankers’ Association today welcomed the first reading of the Credit Contracts and Financial Services Law Reform Bill, and cautioned further work was needed to meet the Bill’s aims.

“Quality regulation is well-targeted and properly enforced. That’s the outcome we’re looking for here,” said New Zealand Bankers’ Association chief executive Kirk Hope.

The Bill aims to reform the law around consumer credit contracts to encourage wider responsible lending and provide improved protection for vulnerable consumers.

“Banks are responsible lenders. We strongly support measures that target unscrupulous lenders and provide greater protection for vulnerable people. We’re keen to see all lenders held to the same standards we already observe.

“The law needs to strike a balance between protecting vulnerable consumers and ensuring legitimate and well-regulated lenders do not incur substantial additional compliance costs.

“The Credit Contracts and Financial Services Law Reform Bill presents an opportunity to get this balance right. We look forward to engaging in the legislative process to achieve that balance, and we congratulate Minister Foss on progressing the Bill,” Hope said.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Half Empty: Dairy Prices Drop To Lowest Since August 2009

Dairy product prices fell to the lowest level in more than five years in the latest GlobalDairyTrade auction, led by declines in butter milk powder and whole milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news