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

 


Commerce Commission and FMA sign MOU

Commerce Commission and FMA sign MOU

Issued 1 April 2014

The Commerce Commission has signed a Memorandum of Understanding (MOU) with the Financial Markets Authority (FMA) in advance of the commencement of key parts of the Financial Markets Conduct Act 2013.

From today the FMA is the primary regulator of misleading and deceptive conduct in relation to financial products and services. These include products and services such as term deposits, shares, and derivatives.

Responsibility for matters relating to consumer credit remains with the Commission. This includes products and services such as personal credit cards, loans, and mortgages.

To ensure a robust and efficient complaints process, as well as the protection of consumers’ interests, the Commission and the FMA have signed a Memorandum of Understanding (MOU).

“While the Commission and the FMA already have an excellent working relationship, the MOU formalises that relationship and clarifies our roles and responsibilities in light of the legislative changes that come into effect today,” said Commerce Commission Chairman, Dr Mark Berry.

“The Commission is committed to ensuring a smooth transition of responsibility to the FMA. We look forward to working with the FMA to ensure both agencies deliver services that benefit and protect consumers,” Dr Berry said.

Complaints about misleading or deceptive conduct in relation to financial products (that occurred after 1 April 2014) should be referred to the FMA. Complaints relating to conduct prior to 1 April, or to consumer credit, can be referred to either the Commerce Commission or the FMA.

Background

Under the Financial Markets Conduct Act 2013 (FMC Act) the FMA becomes the primary regulator of misleading and deceptive conduct in relation to financial products and services from 1 April 2014. Prior to 1 April, the Commerce Commission had primary responsibility for this conduct under the Fair Trading Act 1986.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news