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

 

Consents And Taxes: Trustpower 'very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news